At a time when things look shaky for tech start-ups, e-commerce retailer of car parts and accessories MicksGarage has managed to secure €560,000 in funding to drive expansion.
The investment came from the AIB Seed Capital Fund, Enterprise Ireland and private investors, and will help MicksGarage to accelerate its activities in the UK and expand operations in Ireland, said managing director Ciaran Crean.
Set up in 2004 by Crean and his brother Michael, MicksGarage sells over 50,000 car parts and accessories to the general motorist and motor trade through its MicksGarage.ie and MicksGarage.co.uk websites. It was named ‘Best Retail Website’ at last year’s Eircom Golden Spider Website Awards.
“More and more people are shopping online for their car parts, and MicksGarage will continue to expand and develop our business in Ireland and abroad,” said Crean.
MickGarage has over 80,000 website visitors each month, doubling its traffic year-on-year since launch. The UK site was launched last August.
“There is significant growth potential for MicksGarage in Ireland, and the increase in motorists holding onto their vehicles should bring further growth in the parts and accessories market here,” Crean predicted.
“The UK car parts market is worth about £6.7 bn sterling, and having expanded into the UK late last year, we are excited about the opportunities that exist there.”
Alex Hobbs of Dublin Business Innovation, the investment partner of AIB Seed Capital Fund, said Ciaran and Michael Crean had already demonstrated “successful early market traction”, and their company’s business model fitted quite well with current market conditions that would see rising demand for more car parts than new motor cars.
By Sorcha Corcoran