Car-selling platform in seven-figure equity deal with Channel 4
Car selling platform Tootle has this morning (January 18) announced a seven-figure investment from Channel 4’s Commercial Growth Fund.
As part of the deal, an airtime-for-equity arrangement, Tootle is launching a television advertising campaign with the broadcaster in return for a minority equity stake.
The TV campaign will air from today across Channel 4’s linear channel network.
The investment follows Tootle’s recent £2.5m Series A funding round, which brought the amount raised to date to £4.3m.
Founded in 2016, the Tootle platform enables people to sell used cars free of charge.
Tootle chief exec Gordon Tulloch said: “This is a fantastic opportunity for Tootle to reach millions of consumers through Channel 4 Sales’ broadcasting stations such as Channel 4, E4, BT Sport and Dave where the Tootle service gets visibility nationally helping both the car selling consumer and the buying dealer.
“We look forward to working with such a progressive company as Channel 4 and are delighted they have partnered with us.”
Channel 4 launched its Commercial Growth Fund in 2015. The scheme gives brand with a high growth potential, that do not currently advertise on TV, the opportunity to accelerate growth through TV promotion.
The head of the fund, Vinay Solanki, commented: “Tootle is just the sort of start-up our innovative Fund can benefit – an ambitious digital business that really solves a consumer pain point and needs access early in its growth phase to the fastest and most effective platform to achieve reach and broader brand awareness.
“We’re looking forward to launching Tootle’s TV ad across our network helping them to achieve the growth many other companies in our portfolio are now enjoying.”
The ads were designed and created by video production firm Toast TV Ltd.