Regit raised more than 50% of its £1.2million crowdfunding target within 24 hours as it aims to use the innovative funding stream to grow its online users from 1.4 million to six million.
Chris Green, chief revenue officer at the rebranded Motoring.co.uk business said that the online garage’s campaign, which has been completed with the help of crowdfunding giant Crowdcube, looked set to deliver “the investment we need to take Regit to new heights”.
Regit’s crowdfunding will end on March 28, but bosses predict it will reach 100% of its funding target well before the deadline.
Green said: “We’ve had a tremendously successful three years as a business and rebranded from Motoring.co.uk to Regit to improve the consumer journey on our platform and help drive sign ups to the digital garage.
“After a successful relaunch, we’re now at the stage where further investment can help our already unique offering become an integral part of every motorist’s life.
“The funding will enable our consumer portfolio to multiply at least three-fold, while that in turn will mean the quantity of insights which our service provides to the motor industry will be invaluable to ad agencies, OEMs and dealers alike, allowing us to grow further still.
“When you couple both the consumer facing and B2B elements of our business together, supported by the most innovative predictive data analytics technology, we become an extremely attractive investment opportunity.”
Regit was designed for people to buy, sell and maintain their cars, giving motorists a personalised, free ‘digital garage’ when they enter their vehicle registration number.
The ‘digital garage’ can provide reminders for important maintenance including MOT and tax, as well as offering impartial advice.
Regit also offers marketing solutions for manufacturers, already working with 18 of the top 25 vehicle manufacturers, and ad agencies with its data and unique algorithms developing stronger sales leads, including innovative prediction technology highlighting when users will be considering changing their vehicle.
Backing the business is one of the world’s most respected advertising professionals, Sir John Hegarty; the man behind Audi’s infamous ‘Vorsprung durch Technik’ slogan, as well as numerous campaigns for Levi’s; who has already invested in the business and supported with its rebrand.
Sir John said: “There are about 37 million cars in the UK. This market is increasingly being digitised. Because of this, Regit's unique concierge service can help all those owners get better value of their investment. That's worth investing in.”