Car repairs buy-now-pay-later platform Bumper has announced an extended £26.1 million series A round backed by car maker Jaguar Land Rover's investment arm InMotion Ventures.
The Turkish VC Revo Capital is leading this round, with further backing from automotive VC Autotech Ventures and the Japanese conglomerate Itochu.
In addition, Bumper's taken on some debt to augment its growth plans. It says it secured a debt facility with Secure Trust Bank Commercial Finance worth £20 million, bringing its lifetime funding to £36.6 million. The original series A round was sized at £10.5 million.
A trip to the auto yard can pretty get expensive. It's a bit of a lottery to see what's blown inside and how much it costs to fix it.
Bumper aims to tackle this with its 0% car repairs financing, currently offered from more than 4,000 partner dealerships and garages, in the UK, Ireland, Spain and Germany.
Customers can choose to spread the blow of their repair bill in interest-free monthly instalments.
Bumper says that means more repair jobs are carried out there and then, as well as reducing workshop downtime and adding to the customer appeal of its repair yards.
Having locked down series A funds, Bumper is lining up continued expansion, still targeting key European markets, such as the Netherlands, Germany and Spain.
James Jackson, CEO of Bumper, said: "Bumper’s rapid growth trajectory has been incredibly exciting, and the new round of investment from our amazing partners means that we can continue this growth trajectory and pursue our lofty goals to expand further across Europe.
“As the cost-of-living crisis tightens, it’s never been more important to offer affordable and convenient payment options giving driver peace of mind when getting their vehicles repaired.”
Mike Smeed, managing director, InMotion Ventures, added: "Our team continues to be impressed by Bumper’s remarkable growth in the UK, and more recently in Ireland, Spain and Germany.
"We are delighted to announce our additional investment into the business, and look forward to supporting the team as they expand across Europe”
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