>Bumper secures a further £26m of funding in Series A extension round
Bumper secures a further £26m of funding in Series A extension round
The team at Bumper are delighted to have secured further funding worth £26.1 million ($30 million) during the Series A extension round which was led by Bumper’s partners, Revo Capital with participation from Autotech Ventures, InMotion Ventures (the investment arm of Jaguar Land Rover) and ITOCHU.
As part of this extension round, Bumper also agreed to a new debt facility with Secure Trust Commercial Finance worth £20 million ($23 million) with some additional investment coming in the form of equity through various partners.
The extension round ends just over one year after Bumper’s Series A round raised £10.5 million ($12 million) in June 2021, bringing the total investment to £36.6 million ($42 million).
James Jackson, CEO and co-founder of Bumper has commented on the recent funding:
“Bumper’s rapid growth trajectory has been incredibly exciting, and the new round of investment from our amazing partners means that we can continue this growth trajectory and pursue our lofty goals to expand further across Europe. As the cost-of-living crisis tightens, it’s never been more important to offer affordable and convenient payment options giving driver peace of mind when getting their vehicles repaired.”
John Gribbon, Regional Managing Director of Yorkshire and the North East at Secure Trust Bank has said: “We first began working with Bumper’s management team nearly three years ago and since then the business has shifted up a gear, developing its technical capability and growing its network of dealerships thereby demonstrating the strength of its business model. Our close relationship with the team and our growing understanding of the business have allowed us to work quickly and flexibly, keeping pace with Bumper’s growing working capital needs. This latest investment round puts the business in pole position for further success.”
Cenk Bayrakdar, Managing Director and Founding Partner at Revo Capital commented: “Bumper's impressive growth and history of achieving success through its comprehensive fintech solution for car repairs has well-positioned Bumper to accelerate its international growth. James and his team continue to prove Bumper's strength and effectiveness in this space, and we are excited to join them on the next leg of their journey and support Bumper’s R&D initiatives in Türkiye.”
Alexei Andreev, Managing Director at Autotech Ventures, commented: “We are impressed by the clever finance tools and modern software used by Bumper, and how this technology is becoming essential in today’s economy. Autotech continues to support the team on its journey to becoming an industry-leading BNPL product.”
Finally, Mike Smeed, Managing Director at InMotion Ventures, also commented: “Our team continues to be impressed by Bumper’s remarkable growth in the UK, and more recently in Ireland, Spain and Germany. We are delighted to announce our additional investment into the business, and look forward to supporting the team as they expand across Europe”.
The funds will be used to continue Bumper’s expansion plans into Germany, Ireland, Spain and the Netherlands.