Published: May 04, 2022
Focus: MEIF Maven Debt Finance
Wheel and tyre safety specialist Wheely Safe has secured £500,000 of funding from MEIF Maven Debt Finance to help grow its national presence and scale up its operations.
The Staffordshire based business has developed intelligent, low cost monitoring systems for lorries and larger commercial vehicles which alert to the problems of wheel loss, brake/hub overheating and tyre underinflation. Its patented award-winning technology offers protection against these major road safety issues, protecting the driver and other road users.
Founded in 2010, Wheely Safe works with fleet operators, telematics providers and vehicle manufacturers to help them mitigate against these risks. Its system is the world’s first to be able to detect the onset of wheel loss while the vehicle is in motion. Alongside providing safety and peace of mind, Wheely Safe's products also help its commercial clients to extend tyre life and save fuel, where it is currently estimated that up to £700 million is lost each year in the UK due to underinflated tyres.
“We are pleased to be able to support the team at Wheely Safe as it rolls out its range of innovative safety products, which have the capacity to minimise accident risk, reduce harmful emissions, and prevent disruption to our road network.”
Chris Rogers, Investment Manager, Maven
“Despite having globally patented technology and a host of major fleets undergoing trials with our products, gaining funding has been challenging. The Maven team took the time to fully understand our business and its potential, and the funding is proving invaluable as we expand our sales force throughout the UK.”
Gary Broadfield, Managing Director, Wheely Safe
“Funding from the MEIF supports Midlands-based companies looking to expand their reach, and with Wheely Safe looking to scale up nationally, the funding will support this development. Other Midlands businesses looking to level up in this way should consider MEIF funding.”
Mark Wilcockson, Senior Investment Manager, British Business Bank
“We’re proud to be working with the Midlands Engine Investment Fund to continue supporting business growth in the local area. By working in partnership to deliver this type of funding, we are able to invest in our economy and empower individual businesses like Wheely Safe to expand and develop.”
Alun Rogers, Chair, Stoke-on-Trent and Staffordshire LEP