Michelmores’ Corporate team has advised BGF on its £3.2m investment into cleantech business Lightfoot to support the growth of its consumer-facing business.
Described as a ‘Fitbit for cars’, Lightfoot’s devices are designed to plug into a car’s diagnostics port to give drivers feedback on the efficiency of their driving style – as well as reward them with consumer discounts for restaurants, insurance and other giveaways.
With over 20,000 drivers in the fleet sector already using Lightfoot across more than 150 businesses including Virgin Media, Dixons Carphone, Southern Water, Ecotricity, Greencore and Dyno Rod, the company is now bringing the benefits of more efficient driving to private motorists in the UK.
BGF investor Ned Dorbin will join Lightfoot as a new Board member, whilst Martin McCourt, who ran Dyson for 15 years until 2011, will also join Lightfoot’s Board as Chairman after investing personally. The investment into Lightfoot was led for BGF by Ned Dorbin, Edwin Davies and James Skade.
Henry Taylor, Partner in Michelmores’ Corporate team who led the deal, supported by Francesca Hubbard, commented:
“Lightfoot is an ambitious business, well-placed in the cleantech sector to achieve strong growth whilst also having a positive environmental impact. It has been a pleasure to support the BGF team through this important investment and we look forward to seeing more great things from Lightfoot in their next stage of development.”
Ned Dorbin, BGF investor and new Board member of Lightfoot said:
“Lightfoot is a vibrant, smart and ambitious business with a first-class management team. After five years of operation, they have established a strong reputation in the market and developed a clear strategy for growth. We’re pleased to be backing another fantastic business in the South West.”
BGF is the most active investor for entrepreneurs and growing businesses in the UK. The South West team, based in Bristol, have also recently completed investments into Seasalt, Hydrock, Molson and Plantforce.
For more information please contact Henry Taylor, Partner in the Corporate team, on 01392 687654 / henry.taylor@michelmores.com
