WeeL secures $750K financing led by Canada Tire

CPE News

Updated on:

CPE News (2.22.2023) – WeeL has raised over $750,000 in its first round of external fundraising.

This fundraising was led by a strategic investor, Canada Tire Inc., a 95-year old leading wholesale tire distributor, with the participation of private investors, including Michael Galego, Stephen Arbib and Lorne Gertner.

This round of fundraising was led by a strategic investor, Canada Tire Inc., a 95-year old leading wholesale tire distributor, with the participation of other prominent angel investors, including Michael Galego, Stephen Arbib and Lorne Gertner.

Founded by CEO Rob Ostfield, WeeL is a go-to car resource for vehicle owners to access impartial and knowledgeable resources on-demand to help them own and maintain their vehicle at home. Through its digital customer servicing, it connects vehicle owners with qualified service providers to address their automotive needs.

The fresh infusion of capital and new strategic partners will also enable WeeL to expand its network of vetted service providers.

photo credit: WeeL

News Release

Canadian AutoTech StartUp WeeL raises over CAD$750K in First Fundraise

Company Bringing Transparency and Trust to Car Repair and Maintenance

Toronto (February 22, 2023) – WeeL, a technology startup based in Toronto, Canada disrupting the automotive aftermarket, has raised more than CAD$750 thousand in its first round of external fundraising. After successfully providing mobile at-home car maintenance and repair services in the Greater Toronto Area (GTA), WeeL is raising capital to strengthen its predictive pricing modeling to bring transparency to consumers who prefer on-demand mobile servicing with real-time, guaranteed pricing.

According to a 2022 report by the Automotive Industries Association of Canada, over a third of Canadians feel overwhelmed when bringing their cars for servicing. Much of this anxiety is steeped in the opaque nature of the repair process because customers lack sufficient information to make informed decisions on where to service their vehicle and how much it should cost.

“WeeL is bringing car maintenance and repairs to the doorstep of Canadians through its proprietary technology in a fast, convenient and transparent way. The capital WeeL raised will enable us to demystify the costs of car repair in an industry that often leaves consumers feeling intimidated when it is time to pay the bill. Our technology will provide customers with upfront, guaranteed pricing for most car repairs and maintenance services which will bring much needed transparency to the process,” said Founder and CEO of WeeL Rob Ostfield. “Our investors recognize the opportunity this technology presents to shift the paradigm of car maintenance to put the driver at the centre. In an era when consumers want services and products delivered right to their doorstep, WeeL is at the forefront of making car maintenance and repair as fast and convenient as possible.”

This round of fundraising was led by a strategic investor, Canada Tire Inc., a 95-year old leading wholesale tire distributor, with the participation of other prominent angel investors, including Michael Galego, Stephen Arbib and Lorne Gertner.

“Canada Tire chose to invest in an auto-tech startup like WeeL because of its potential to modernize the automotive aftermarket,” said CEO of Canada Tire Gabriel Granatstein. “We believe the platform provides tremendous value and efficiency for all participants in the auto ecosystem and is strategically aligned with our core business and vision for the future of the industry.”

The fresh infusion of capital and new strategic partners will also enable WeeL to expand its network of vetted service providers. Part of WeeL’s value add to the industry is helping independent repair facilities and mechanics, who would otherwise be unable to invest in digitization, to connect with new customers through WeeL’s online platform. For customers, WeeL’s pre-screening means they can have confidence only qualified mechanics with expertise with their type of vehicle will service their vehicle. For mechanics and service providers, WeeL gives them an opportunity to fully monetize their schedules and gives them access to a wider target audience in a convenient and fully-integrated way.

“Many of these auto repair professionals are small, family-owned businesses. Investing in customer-facing technology to bring them into the 21st century is not always possible,” said Ostfield. “WeeL can be their technology partner to help them grow their business and attract new customers through our mobile servicing platform.”

In the wake of the pandemic, Canadians became more accustomed to using mobile and on-demand services for many aspects of their lives. But for over 60 years, car maintenance and care has remained relatively unchanged despite massive innovations in the cars themselves. WeeL has been working with customers in the GTA who want on-demand services, at-home, but do not want to trade off convenience for quality when it comes to taking care of their car.

About WeeL

Started in 2017, WeeL is a go-to car resource for vehicle owners to access impartial and knowledgeable resources on-demand to help them own and maintain their vehicle at home. Through its digital customer servicing, it connects vehicle owners with qualified service providers to address their automotive needs. For more information, please visit the website at www.getweel.com.

Media Contact

Laurel Ostfield
lostfield@996advisors.com
416-300-3218