Wagonex secures equity funding led by the Development Bank of Wales.
The car subscription platform has raised capital from the Development Bank of Wales, US investors, and UK angels to accelerate growth.
Wagonex operates a car subscription marketplace platform that partners with global vehicle manufacturers to provide flexible vehicle access.
Wagonex has secured a significant equity funding round led by the Development Bank of Wales technology ventures team, alongside US investors and UK angels. The company intends to use the capital to accelerate business development and expand its product suite.
Operating as a car subscription marketplace, Wagonex collaborates with major vehicle manufacturers to serve a global client base. Following its relocation, the company is headquartered at Tramshed Tech in Cardiff.
From the founder
"We are delighted to have the opportunity to work with such an experienced and active investment company as the Development Bank of Wales and that they recognise the potential for Wagonex. Our international investors and global client base offers an incredibly exciting opportunity to build a successful and sustainable business. We are very proud to be based in Wales and very pleased with our new Head Office at Tramshed Tech in Cardiff. With this investment we can accelerate the development of the business, expand our product suite and remain a market leading name in vehicle subscriptions."
Toby Kernon
CEO and Founder at Wagonex
Investor perspective
"Following an introduction by the Welsh Government I’ve worked with Toby for some time to attract this exciting business to set up its headquarters in Wales. Wagonex is working with some of the world’s biggest car manufacturers and as in other sectors subscription should have an important part to play in a rapidly changing world where consumers expect speedy access to products."
Richard Thompson
Senior Investment Executive, Development Bank of Wales
Use of funds
- 01Continue product development
- 02Expand into international markets
