An entrepreneur who aims to transform the way car dealerships operate has raised £250,000 to roll out his new software platform to the industry.
Sanj Gidda, who founded the Wayroo platform, secured the investment from the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia and part of the Midlands Engine Investment Fund (MEIF).
Wayroo, which is based in Wolverhampton, allows car dealerships engaged in vehicle leasing to digitise their operations – replacing manual processes and spreadsheets, improving efficiency, increasing sales and providing greater insights to support decision making.
Sanj recognised the challenges faced by car dealerships through his experience as CEO of VoozoDealer, the car leasing brokerage which he founded in 2014. He launched Wayroo in 2019, with backing from private investors, and has already built relationships with dealerships. The funding will allow him and his team – which includes CFO Sash Rana and CTO Arvind Sood – to further develop the platform and roll it out across the automotive industry.
Sanj Gidda, founder and CEO of Wayroo, said:
“The shift from car sales to leasing and other market trends are driving the need for efficiencies. Our platform helps dealerships to streamline their processes, allowing them to monitor the performance of their sales and marketing operations and source the right number of vehicles to meet demand. We believe Wayroo could be a key step in building a digital ecosystem which would eventually link suppliers and transform the automotive industry.”
David Baker, Investment Manager at Mercia, added:
“Through his industry experience, Sanj has recognised the challenges dealerships face. The launch of Wayroo is even more timely given the impact of the pandemic and the move to remote sales and working. The funding will allow him to roll out this new solution to help dealerships to survive in the digital era.”
Ken Cooper, Managing Director at the British Business Bank, said:
“The MEIF is a key part of the British Business Bank’s work supporting Midlands’ innovation and this latest investment in Wayroo is a great example of how companies can use this support, in this case to drive forward digitisation within an established industry. We look forward to seeing Wayroo grow as its software is rolled out and would encourage other ambitious businesses in the region to consider the finance options available through MEIF to maximise their potential.”
Paul Brown, Black Country LEP Board Member said:
“We are delighted to see the MEIF supporting companies in the Black Country to develop new ways of working, particularly during a period where business is focused on resilience, growth and recovery in this new and challenging working environment. The MEIF aims to support business in achieving economic growth through enterprise, and projects like Wayroo are a fantastic example of the Proof of Concept and Early Stage fund in action. We look forward to seeing the positive impact Wayroo has on the automotive sector.”
Jamie Partington of Higgs & Sons provided legal advice to Mercia on the deal while Jon Gill and Rachel Kelly of Bristol-based TLT advised Wayroo.
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.