Russell-Cooke's corporate team has advised Bumper International Limited on raising £6.1m in equity as part of its latest investment activities. The Russell-Cooke team was led by partner Guy Wilmot, with assistance from senior associate Sally Johnston and an associate.
Having acted for Bumper in relation to its Series A funding round in December 2021 (which raised a total of £10.5m), Russell-Cooke was instructed to advise the company in relation to further fundraisings in 2022. These took the form of advance equity subscriptions known as SAFE (‘simple agreement for future equity’) notes in the company, alongside a series of secondary share sales.
The latest funds have been invested by a mixture of existing and new investors including Silicon Valley based Autotech Ventures, InMotion Ventures (the investment arm of Jaguar Land Rover), ITOCHU and Revo Capital, underlying the company’s appeal to a wide range of investors.
Founded in 2013, Bumper is a digital payment platform for vehicle repairs and services, enabling owners pay online, in-store or spread their costs over monthly instalments interest-free. It also delivers an instalment financing solution using proprietary AI enabled technology to facilitate real-time lending decisions.
Bumper enables over 4,000 partnered dealerships and garages across the UK, Republic of Ireland, Spain and Germany to sell a larger proportion of identified repair work, reducing workshop downtime, with no risks or liabilities, while also boosting customer loyalty.
Having been named the eighth fastest growing fintech in the 2021 FT1000 rankings of Europe’s fastest growing companies, the new funds will be used to continue Bumper’s expansion across key European markets, including but not limited to Germany, Spain and the Netherlands.