Regit rakes in over 50% of £1.2m funding target in 24 hours

Digital garage Regit has raised more than 50% of its £1.2million fundraising target within the first 24 hours of its campaign with crowdfunding giant, Crowdcube.

Regit, rebranded and developed from Motoring.co.uk, is seeking £1.2m investment with Europe’s largest crowdfunding site, to invest in marketing to grow its portfolio of 1.4m users to 6m.

Regit is designed for people to buy, sell and mantain their cars, giving motorists a personalised, free ‘digital garage’ when they enter their vehicle registration number. The digital garage can provide reminders for important maintenance including MOT and tax, as well as offering impartial advice so people can make informed choices about buying and selling their cars.

Backing the business is one of the world’s most respected advertising professionals, Sir John Hegarty; the man behind Audi’s infamous ‘Vorsprung durch Technik’ slogan, as well as numerous campaigns for Levi’s; who has already invested in the business and supported with it’s rebrand.

Sir John said: “There are about 37 million cars in the UK. This market is increasingly being digitised. Because of this, Regit’s unique concierge service can help all those owners get better value of their investment. That’s worth investing in.”

The business also offers marketing solutions for manufacturers, already working with 18 of the top 25 vehicle manufacturers, and ad agencies with its data and unique algorithms developing stronger sales leads, including innovative prediction technology highlighting when users will be considering changing their vehicle.

Regit’s crowdfunding will end on 28th March, but bosses predict it will reach 100% of its funding target well before the deadline.

Chris Green, Chief Revenue Officer of Regit, said: “We’ve launched a crowd funding programme to ask for the investment we need to take Regit to new heights. We’ve had a tremendously successful three years as a business and rebranded from Motoring.co.uk to Regit to improve the consumer journey on our platform and help drive sign ups to the digital garage.

“After a successful relaunch, we’re now at the stage where further investment can help our already unique offering become an integral part of every motorist’s life. The funding will enable our consumer portfolio to multiply at least three fold, while that in turn will mean the quantity of insights which our service provides to the motor industry will be invaluable to ad agencies, oems and dealers alike, allowing us to grow further still. When you couple both the consumer facing and B2B elements of our business together, supported by the most innovative predictive data analytics technology, we become an extremely attractive investment opportunity.”

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