Tootle, which struck a deal last year with insurance comparison giant Confused.com, has bagged an undisclosed seven-figure investment from Channel 4’s Commercial Growth Fund, allowing the car selling platform to launch a television advertising campaign today.
Under an airtime-for-equity arrangement, Tootle’s TV advert will run across Channel 4’s linear channel network while the broadcaster takes a minority equity stake.
“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,” said Tootle chief executive Gordon Tulloch. “We look forward to working with such a progressive company as Channel 4 and are delighted they have partnered with us.”
Channel 4’s Commercial Growth Fund has made eight equity partnerships since launching in 2015.
“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,” commented Vinay Solanki, head of Commercial Growth Fund at Channel 4. “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.”
Last September the car selling service closed a Series A £2.5 million investment round led by Hambro Perks, then bringing the total amount raised for Tootle – which launched in 2016 – to £4.3 million. The platform’s UK-wide network of pre-vetted dealers bid to buy cars without associated auction and indemnity fees, while sellers get to use the website for free.
Insurance comparison website Confused.com, which also offers a comparison service for car selling,
integrated Tootle into its system in 2017. Tootle said the partnership will continue to increase the number of quality seller listings on its platform.
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