151%
Raised
£181,670
Investors
115
Target
£120,000
Equity
18.51%
Pre-money valuation
£800,000

Operating in a market that spent €26bn on parts and services in the UK alone, Glovebox Direct is an online automotive parts, accessories and merchandise marketplace. The company, which is now in beta testing with Suzuki, is raising funds to grow the team and fund marketing activity.

  • Glovebox holds no stock and incurs no delivery charges
  • Charges a 15% commission on sales
  • Aims to have 5 manufacturers under contract by Q1 2018
  • In discussion with brands representing 54% of vehicles on the road
Information The company had £150,000 of its SEIS allowance remaining at the start of this raise. This will be allocated to investors on a first come first served basis. Any investments made after that limit has been exceeded will not be SEIS eligible but will potentially be eligible for EIS. The potential tax relief of any investment will be confirmed by email to investors, after they have submitted their applications to invest, and will depend on an investor's individual circumstances.

Idea

Glovebox Direct is an online automotive parts, accessories and merchandise marketplace selling original equipment direct from the car and bike brands.

After years of managing eCommerce marketplace sales for BMW, Toyota, Nissan and others, we know consumers struggle to buy the products today, so less than 5% of the market is online. The market as a whole spent €26bn in the UK alone on parts & services in 2014.

Today consumers shop on eBay, Euro Car Parts, and other sites. Consumers can find only a very limited subset of product from the original car & bike manufacturers and find existing solutions difficult to use.

Highlights so far

- Now live beta testing with Suzuki, after 3,000 hours of product development

- Proprietary technology to correctly present just the right parts for the customer's specific vehicle

- Click & fit services enabled so customers buy online and can additionally book in their servicing & fitting. This lets us offer a feature that some manufacturers don't have on their online store.

- Four manufacturers have shared product data to build proof of concepts and we are in early stage discussion with other brands representing 54% of the vehicles on the road.

- Presenting alongside Suzuki in their Suzuki Village at the Classic Bike Mechanic Shows. One of the ways in which manufacturers will be co-marketing with us.

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Glovebox Direct has been given advance assurance by HMRC that the proposed share issue is likely to qualify for Enterprise Investment Scheme (EIS) tax relief.

Tax relief is available to individuals only, with income tax relief currently set at 30 per cent of the cost of the shares for the tax year in which the investment was made. The tax reliefs can also reduce your Capital Gains Tax bill. Read More.

Availability of tax relief depends on your individual and the company’s ongoing circumstances and applicable law.