CARCLOUD, the new digital platform revolutionising the way consumers manage their cars, is celebrating having reached its £1 million investment milestone. Achieved as part of a follow-on funding round that successfully closed in June, the business continues to experience impressive growth.
Available on smartphone, tablet and desktop devices, CarCloud enables users to programme vehicle reminders and store important documents in the cloud, reducing the risk of not having an MOT and eliminating unnecessary filing. The platform can also be used to check the value of vehicles, with 18,000 searches undertaken in June alone, renegotiate finance payments and search for the best available insurance premiums.
In just six months, the CarCloud platform has attracted 36,000 active users, with 44,000 cars registered. This equates to more than £500 million worth of vehicles under digital management. It is predicted that the user base will exceed 150,000 by the end of the year, with the platform shortly set to enter the business to business marketplace.
Founded by ex-Porsche UK Managing Director Geoff Turral and retail automotive entrepreneur Paul Jewell, initial funding came from the founders, business angels and a crowdfunding initiative. The follow-on round attracted further capital from returning first round investors.
Geoff Turral, co-founder of CarCloud, said: “We’re thrilled to have reached our £1m investment milestone. The cost of living crisis is here to stay and we are passionate about the role CarCloud plays in helping people to manage their second biggest investment, after the home. The equity in our cars is a real asset and we want to have the customer’s back in terms of maximising that.
“While we’re delighted to see ever-increasing download numbers, the retention of users, with a churn rate of just three per cent compared to an industry average of 43 per cent, is evidence that people see the unique value in the platform.
“This is just the beginning for CarCloud. We have a number of significant updates planned, as we look to deepen the offer and expand into new markets. Our priority is to offer an agnostic capability that allows the consumer to take full control of the administration of their car via the cloud.”
The CarCloud app is available to download through the App Store and Google Play. For more information, visit: www.carcloudcommunity.co.uk.
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