Lightfoot, the company behind a connected car technology which rewards better drivers, has raised £3.2m from BGF.
The company will also welcome former CEO of Dyson Martin McCourt as an investor and non-executive chairman.
Ned Dorbin of BGF will also join the board as a result of the investment.
Dubbed the ‘Fitbit for cars’, Lightfoot’s in-car technology allows drivers to monetise their everyday driving with prizes, discounts and rewards in recognition of their smooth driving style.
Launched in 2013 by entrepreneur Mark Roberts, Lightfoot claims more than 20,000 drivers are using its tech.
BGF’s funding will be used to drive growth in Lightfoot’s fleet business, its expansion into the consumer market and the continued recruitment.
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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,” he added.
Dorbin, BGF investor, commented: “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.”
Finally, McCourt concluded “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!”