Dash cam brand Nextbase receives £10m investment
Nextbase, the world’s leading dash cam manufacturer has announced that it has completed a £10m round of growth funding from Sandton Capital Partners, a London and New York-based private equity fund.
Nextbase is the category leader in the fast-growing dash cam sector with a market share of 80% in the UK and 50% in Europe. It is already the market-leader in the US, where it only recently launched. A similar growth and share pattern is anticipated in new territories around the world.
The investment will be used to accelerate the implementation of cutting-edge new technologies, including 4G and 5G functionality, and the development of leading automotive and insurance products and services.
Richard Browning, Director of Nextbase, said: “Our success in driving and evolving the dash cam category over the past five years has given us a very strong, market-leading position on which to build further. We have grown our business to date without external funding and as dash cams increasingly become an essential part of everyday driving we feel it is time to accelerate our plans.
"We see this investment as the route to expedite the roll-out of our cutting-edge proprietary technology and our territory expansion, bringing this innovative technology to all drivers globally.”
Nextbase is a privately-owned British consumer technology company which is bucking the trend by investing in UK-based infrastructure, staff and research and development (R&D). It has built up a large catalogue of proprietary intellectual property - widening product appeal and introducing the product sector to new customer demographics.
Nextbase’s growth has been attributed to its award-winning, category-leading technology, wide range of models to cater to motorists' varying needs, and innovative sales and marketing strategies. The company has forged key partnerships over the years with national retail leaders including Best Buy, Walmart, Halfords and MediaMarkt. Nextbase products are now sold in more than 10,000 retail stores worldwide.
Matt Meehan, UK Head at Sandton, commented: “Nextbase is a market-leading UK technology business with ambitious export growth plans, despite the impact of COVID-19. We are impressed with Nextbase’s achievements to date and see a very bright future ahead.
"They came to us with a record of strong growth, clear revenue streams and an impressive strategy and Sandton are delighted to invest in their next phase of growth - expanding into markets that present huge opportunities and advancing technology in what is very clearly an exciting space. It is rare to see a British business which has realised such success in both local and international markets and we are excited to be playing a major part in their future growth in these uncertain times.”