Lightfoot is delighted to formally announce the receipt of £3.2m in funding from BGF (the Business Growth Fund). Along with the investment, we are delighted to welcome Martin McCourt, former CEO of Dyson, as an investor and non-executive Chairman and Ned Dorbin, of BGF, to the board.
Launched in 2013 by entrepreneur Mark Roberts, Lightfoot has successfully disrupted the fleet sector by focusing on rewarding good driving rather than the traditional method of penalising bad driving. With over 20,000 drivers now using Lightfoot across more than 150 clients including Virgin Media, Dixons Carphone, Southern Water, Ecotricity, Greencore and Dyno Rod, the company is now bringing the benefits of smoother driving to private motorists in the UK with their consumer launch, with plans to expand the proposition globally already underway.
Mark Roberts, Lightfoot’s founder and CEO, said: “We’re on a mission to change the way people think about driving. And to make it fun again. We want everyone to enjoy the amazing benefits that smoother driving can have on their wallets and our planet. So far, we’ve created a community of Lightfoot drivers who are earning better deals for better driving – now, we’re excited to grow this with more like-minded motorists who believe good driving deserves rewarding.
“Our growth to date is a great testament to the hard work and commitment of the Lightfoot team. We believe that now is the right time to accelerate our expansion by bringing on board more people and increasing our engineering and sales capacity. We’re delighted to be embarking on this new stage with Martin and with the support and funding from BGF as our new minority partner.”
Following the company’s most successful year to date, with the recruitment of further industry-leading businesses to their fleet client list and the launch of the consumer version of Lightfoot, the BGF investment will propel both arms of Lightfoot’s business. Having already doubled their headcount in 2018, Lightfoot plans to do the same again by the end of 2019 with the backing of BGF. The company relocated this summer to a new, custom-designed office – Innovation Valley – to accommodate this rapid growth.
The BGF investment puts further weight behind Lightfoot’s global aspirations and UK consumer launch. BGF’s funding will be used to drive growth in Lightfoot’s fleet business, its expansion into the consumer market and the continued recruitment of high-skilled talent across the business.
Ned Dorbin, BGF investor and new Board member of Lightfoot said: “Lightfoot is a vibrant, smart and ambitious business with a first-class management team. After five years of operation, they have established a strong reputation in the market and developed a clear strategy for growth. We’re pleased to be backing another fantastic business in the South West.”
Martin McCourt, new investor, Lightfoot Chairman and former CEO at Dyson said: “Lightfoot has top class technology and engineering capabilities, the brand is fresh and approachable and when you walk into Lightfoot HQ you hit a wall of energy from a noisy bunch who are passionate about the benefits their product offers the planet. The parallels to my past are abundant – proud British engineering, disruptive technology and a team who can deliver… there’s a lot to be excited about!”
BGF is the most active investor for entrepreneurs and growing businesses in the UK. The South West team, based in Bristol, have recently completed investments into Seasalt, Hydrock, Molson and Plantforce.
The investment into Lightfoot was led for BGF by Ned Dorbin, Edwin Davies and James Skade.
To read The Telegraph’s piece on the investment deal, click here (paywall).