UK car finance platform CarCloud, has completed its Seedrs investment round, raising £425,000 and exceeding its £325,000 target.
This round concludes with a post-money valuation of £6.82 million, following extensive due diligence conducted by Seedrs.
CarCloud addresses a significant financial burden for UK consumers, where car ownership is the second-highest monthly expense, averaging £478 per month.
CarCloud’s web and app platform blends vehicle, driver and behavioural data with car industry insights to save drivers’ time and money, with the data to drive improved environmental outcomes.
The platform provides digital convenience, saving time and money while helping users understand the financial benefits of reducing their environmental impact. CarCloud’s team handles the complexities, ensuring users can manage their car-related finances effortlessly. Features include cost tracking, finance management, insurance shopping, and reminders for MOT, tax, and insurance deadlines.
“We were confident that we would reach the £325K target, but were happy to be oversubscribed by 30 per cent. Moreover, some of our investors were notable angels, so we are delighted to be moving to the next step of CarCloud’s evolution”, said Geoff Turral, co-founder of CarCloud.
CarCloud’s current product offerings include essential tools and services designed to simplify car ownership and finance for consumers. The company is also innovating a pipeline of features aimed at both B2B and B2C markets, including B2B risk reduction and compliance and whole-life cost comparisons.
CarCloud will soon be available to the UK’s 40 million licensed drivers and could help them to control vehicle costs and save time and effort in managing payments, purchasing new vehicles and reducing the environmental impact via transition to EV.
Lead image: CarCloud. Photo: uncredited.
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