Wagonex Limited, the car subscription marketplace platform announces significant equity funding round as it looks to bolster growth in the UK and beyond
The latest investment round for Wagonex was led by the Development Bank of Wales technology ventures team co-investing with US investors and UK-based angels with a final close to complete after the summer.
Wagonex has been a leading name in vehicle subscriptions since its inception and now works closely with several global vehicle manufacturers.
Welsh Government Economy Minister Ken Skates said: “The Development Bank of Wales is a major part of the landscape of assistance we are able to offer businesses and has swiftly become one of the largest equity investors in the UK.
“I am delighted the Welsh Government and the Development Bank have been able to attract Wagonex to Wales and are now providing invaluable further investment. Through our Economic Action Plan we will continue on creating the right conditions for businesses to grow and thrive.”
CEO and Founder Toby Kernon said, “We are delighted to have the opportunity to work with such an experienced and active investment company as the Development Bank of Wales and that they recognise the potential for Wagonex. Our international investors and global client base offers an incredibly exciting opportunity to build a successful and sustainable business.
We are very proud to be based in Wales and very pleased with our new Head Office at Tramshed Tech in Cardiff. With this investment we can accelerate the development of the business, expand our product suite and remain a market leading name in vehicle subscriptions.”
Dr Richard Thompson, Senior Investment Executive in the Development Bank’s technology ventures team added, “Following an introduction by the Welsh Government I’ve worked with Toby for some time to attract this exciting business to set up its headquarters in Wales. Wagonex is working with some of the world’s biggest car manufacturers and as in other sectors subscription should have an important part to play in a rapidly changing world where consumers expect speedy access to products.