Online vehicle parts seller MicksGarage.com has raised €1.5m for further growth into Britain, with Investec driving the round.
MicksGarage.com has seen significant growth in recent years, and the UK is providing the Irish company with notable opportunities in the near future.
To capitalise on this, Investec has helped to raise €1.5m in funding for the company, which was founded by Ciaran and Michael Crean.
MicksGarage.com provides car parts and accessories online, appealing to garages and car owners respectively.
“The access to further capital with the €1.5m investment being announced today will allow us to grow market share in the UK and provide us with the capability to achieve even further growth in the years to come,” said CEO Ciaran Crean.
The fund was raised by Investec through the Employment and Investment Incentive Scheme, which is designed to encourage investors to support SMEs through tax relief, sometimes as much as 40pc.
“MicksGarage.com is one of the truly great Irish e-commerce success stories, and a tremendous example of entrepreneurial spirit harnessing the power of an online channel to build a business of scale that can be replicated in markets beyond these shores,” said Nigel Poynton of Investec Wealth and Investment.
“As a business, it has demonstrated at each stage of its development the ability to grow significantly, and the prospects for growth remain strong, in particular as it moves to larger markets with greater scope to build an international business of scale.”
Investec has been pretty active already this year. In January, it was part of an $8.1m investment into SilverCloud Health, an Irish company that provides online therapeutic solutions to improve behavioural health and mental wellness.
B Capital Group – founded by Raj Ganguly and Facebook co-founder Eduardo Saverin – led the investment round, with other participants including ACT Venture Capital and the AIB Seed Capital Fund, managed by DBIC, NDRC and Enterprise Ireland.