MFM adds DMPortal to portfolio
Venture capital fund manager Mercia Fund Management (MFM) has added an online logistics platform Dealer Management Portal (DMPortal) to its portfolio of technology investments.
Officially launched in March 2014, the software-as-a-service (SaaS) platform is aiming to revolutionise traditional vehicle auction and transportation by providing an online solution for car dealerships.
The company will join MFM’s expanding digital portfolio, and the SEIS funding will support the official launch of DMPortal.
DMPortal’s centralised vehicle planner enables large car groups with their own fleets to efficiently manage vehicle movements. Whilst vehicle distribution commonly runs at a loss, the DMPortal system facilitates collaborations between dealers and transporters to make it possible to turn a profit.
Rob Johnson, investment associate at Mercia Fund Management, says: “DMPortal’s online business model and founder Mark Fox’s experience within the automotive industry was an attractive opportunity for our new digital and e-commerce division. With GBP19m under active management, we will continue to fund scalable businesses in need of start-up and expansion capital.”
Mark Fox, managing director at DMPortal, says: “DMPortal was founded to streamline the auction and logistics for used and ex-lease vehicles, which historically consisted of chaotic, unreliable and expensive sales processes. DMPortal provides an opportunity to sell vehicles without physically transporting vehicles to an auction house, so reducing vehicle movement and logistics costs by up to 50 per cent.”
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