Dutch startup Fixico raises €2 million to accelerate growth
The cosmetic car damage repair platform is professionalising and gearing up for international expansion
AMSTERDAM – Fixico, the online car damage repair platform, has raised €2 million during a new funding round. This brings the total funding for the fast-growing Amsterdam-based company to €2.6 million. The company, founded in 2013, now intends to invest the growth capital to further scale its organisation, continuing and accelerating its growth in the Dutch consumer and business markets. An international launch is currently in development.
Online car repair platform
Fixico is an online platform enabling consumers to quickly and easily find, compare and select repair services for car damage. After uploading several photos of the damage, the vehicle owner receives quotes for repairs within 24 hours. In first instance Fixico has focussed mainly on the part of the car repair market that’s not controlled by insurers: damage that falls under the car owner’s excess deductible or is not covered by their insurance. In the last months, Fixico also started to roll out their insurance product by partnering with insurers.
Orange Growth Capital as investor
The lead investor in this round of funding is British-Dutch investment fund Orange Growth Capital which previously co-invested in fintech startup Bux (the Netherlands), ZOPA (UK) and KNIP (Germany). Alongside Orange Growth Capital, existing (informal) investors also participated in this round. With this investment, Fixico also gains a supervisory board consisting of Radboud Vlaar (Orange Growth Capital), Laurens Groenendijk (formerly of Treatwell and JustEat) and Robert Jongstra (former board member for Procter & Gamble).
450 percent growth last year
Since its foundation, Fixico has helped consumers to request over 50,000 quotes for vehicle repairs. Last year, the company grew by 450 percent. Meanwhile it employs a staff of 25 and has 10 vacant positions. Fixico co-founder Derk Roodhuyzen: ‘It’s time to take the next step. We have proven that we can make the market for car repair more transparent for both consumer and fleetowner with savings of 30% on average. We are welcoming more and more car rental agencies, leasing companies and insurance companies as customers.
The perfect moment
Radboud Vlaar, founding partner at Orange Growth Capital and member of the supervisory board at Fixico: ‘This is the perfect moment for online parties to enter into the aftersales market in the automotive sector because the majority of the market is still offline. Fixico has demonstrated its benefits for the inefficient market of damage repair, both for consumers, insurers and other service providers.’
The demand for Fixico’s services is not limited to the Netherlands alone. Fixico co-founder Derk Roodhuyzen: ‘In the last two years, we’ve learned a lot on the Dutch market and we’re ready to scale up. We are working hard on the preparations and we’re planning to announce our international expansion after the summer.’
End of press release
The young and fast-growing Dutch company Fixico was founded in 2013 by two ambitious entrepreneurs, Derk Roodhuyzen (29) and Mark van Laar (27). With its comparison- and booking-platform for vehicle repairs, Fixico has brought smart, innovative solutions to a rusty market. It provides a simple way for car owners and repair service providers to get into contact. Fixico enables its users to easily post requests for cosmetic repairs.
Once a request is posted, the user receives quotes for the repairs within 24 hours. Based on criteria such as price, service level and ratings from other users, car owners can select the repair service provider who best meets their needs. By making smart use of the personnel at the 436 FOCWA-affiliated vehicle repair companies, Fixico cuts costs for the user.
Fixico was runner-up for Best Online Company at the 2015 LOEY Awards and a finalist at the Accenture Innovation Awards.
About Orange Growth Capital
Orange Growth Capital (“OGC”) is a Financial Technology Investment firm that operates from offices in London, Singapore and Amsterdam. We invest in high-growth companies primarily in EMEA and prefer to invest after the seed round, when there is proof of concept and there are some revenues. Our investments range from EUR 250K to EUR 10 million over the lifetime of the company, which typically represents a minority stake.
We support founders in scaling their companies into successful international leaders through the experience of our team and our network of global leading financial and technology institutions and advisors to accelerate scaling and monetization of growth.
We offer entrepreneurs access to a platform where they can quickly receive market input, pilot their innovations and gain access to potential customers.