Maverick Diagnostics raises £100k from the Development Bank of Wales to expand its automotive tools and services
The Development Bank of Wales provided the loan to support product expansion and new electric vehicle services.
Maverick Diagnostics is an automotive specialist providing diagnostic tools and technical support for workshops across the United Kingdom.
Maverick Diagnostics has secured £100k in funding from the Development Bank of Wales. The injection of capital will support the company as it expands its range of diagnostic tools, develops an automatic software deployment system, and prepares to launch a battery refurbishment and diagnostics service for electric vehicles.
The Wrexham-based business recently reported annual growth of 25% following the launch of a training academy for local mechanics. This transaction marks the second time the Development Bank of Wales has backed the firm, following a previous loan issued in April 2020.
Investor perspective
"The UK automotive aftermarket is thriving, but smaller, more local garages can sometimes struggle to keep up with advances in diagnostic technology. Maverick Diagnostics benefits from a highly skilled team who have a passion for sharing their technology and expertise with garages and workshops throughout the UK, enabling them to compete with main dealers. Our support for their business means that they can do more to enable their customers to help car owners with repair, maintenance and service requirements."
Malcom Green
Portfolio Executive, Development Bank of Wales
Use of funds
- 01Continue product development
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About the company
Maverick Diagnostics
Maverick Diagnostics supplies vehicle diagnostic tools and technical support for automotive workshops.