World leading Dash Cam brand Nextbase receives £10m investment to further accelerate international expansion and technological innovation
- Funding to expedite territory expansion and fuel increased development of ground-breaking sector technology
- Dash Cams is one of the fastest growing consumer technology categories, where Nextbase has seen demand increase over 1300% in recent years
- UK based Nextbase has redefined the Dash Cam sector with innovative proprietary technology and stand out product features
LONDON, UK – Nextbase, the world’s leading Dash Cam manufacturer, today 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 market share of 80% in the UK and 50% in Europe and is already 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 be used to accelerate the implementation of cutting edge new technologies, including 4G/5G functionality, and the development of leading Automotive and Insurance products and services. The investment will also fund continued expansion in North America and new international territories.
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 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. Revenue has grown by over 30% per annum in each of the last five years and will be approximately £62m for the FY19-20 financial year.
The global Dash Cam market has expanded rapidly and is expected to reach a total market size of US$7.5bn by 2027. Nextbase’s growth has been attributed to its award-winning, category leading technology, wide range of models to cater for 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.”
For full product information please visit: https://www.nextbase.com/
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Joshua Van Raalte
Brazil (PR agency for Nextbase)
P. +44(0)7808 734622
E. [email protected]
C&J Media (PR for Sandton)
T: +44 (0) 7720 849189
E: [email protected]
Nextbase pioneered the Dash Cam sector in 2013 and is now the world’s leading Dash Cam brand. Nextbase Dash Cams have received critical acclaim, winning rave reviews and numerous global product awards, including multiple Which? Best Buys, T3 Awards 2020 and AutoExpress for its Series 2 range which launched in 2019
Continued success has been built by developing award-winning, ground-breaking technology. Its current Series 2 range boasts numerous unique, market leading and innovative features such as Emergency SOS, Alexa built-in, AutoSync, integration of what3words and marketing leading image quality.
Nextbase has also led the industry in forging partnerships with large insurers in the UK and Europe to offer policy holders significant annual discounts. Having bridged the gap between the two industries, top insurers now accept Dash Cam footage in accident claims. Nextbase also developed the acclaimed National Dash Cam Safety Portal, helping motorists to easily send footage of dangerous drivers to their local UK Police force.
For more Nextbase product information visit: www.nextbase.com
About Sandton Capital Partners.
Since 2009, Sandton has executed investments totalling over £1.2bn across a diverse range of industries in Europe and North America, partnering with incumbent management. It is backed by leading university endowments, pension funds and financial institutions providing flexible, long-term capital. Typical investment size is £5m to £50m in businesses with turnover in the range £20m to £200m. Sandton has European offices in London, Luxembourg, Madrid, and Paris and is authorised and regulated by the Financial Conduct Authority (FCA) and the Securities and Exchange Commission (SEC). For more information visit www.sandtoncapital.com