Tootle secures seven-figure investment
Tootle has announced a seven-figure investment from Channel 4’s Commercial Growth Fund, striking an airtime-for-equity arrangement with the car-selling platform. As part of the investment, Tootle will be able to launch the television advertising campaign in return for the broadcaster taking a minority equity stake.
The news comes after Tootle recently closed a Series A £2.5m investment round led by Hambro Perks, bringing the total amount raised for Tootle to £4.3m. Launched in 2016, Tootle offers a platform for people to sell used cars free of charge. Tootle’s national network of dealers bid to buy cars without associated auction and indemnity fees, while the consumer achieves a price from a professional dealer that is generally greater than any online car buying service. All vehicles undergo an automated provenance check by Experian.
Its television advertising campaign launches today across Channel 4’s linear channel network.
Gordon Tulloch, CEO of Tootle, said, ‘This is a fantastic opportunity for Tootle to reach millions of consumers through Channel 4 Sales’ broadcasting stations such as Channel 4, E4, BT Sport and Dave where the Tootle service gets visibility nationally helping both the car selling consumer and the buying dealer. We look forward to working with such a progressive company as Channel 4 and are delighted they have partnered with us.’
Vinay Solanki, head of Commercial Growth Fund at Channel 4, added, ‘Tootle is just the sort of start-up our innovative Fund can benefit – an ambitious digital business that really solves a consumer pain point and needs access early in its growth phase to the fastest and most effective platform to achieve reach and broader brand awareness. We’re looking forward to launching Tootle’s TV ad across our network helping them to achieve the growth many other companies in our portfolio are now enjoying.’