Axioma, which removes the rip-off factor to help motorists save on costly repairs in £150bn global automotive repair market, secures £150,000
Mobile vehicle repair aggregator Axioma has secured a £150,000 investment from early-stage focused venture capital firm Jenson Funding Partners as part of a follow-on seed round. Since the initial investment almost a year and a half ago, the business has seen a four-times increase in monthly revenues.
Axioma is looking to make a dent in the £150bn global automotive repair market by removing the rip-off factor, while making the car repair process simple, convenient, and affordable. After launching its retail offer in 2021, Axioma has completed over 3,000 jobs worth a combined £1m. The aggregator currently specialises in at-home automotive body repairs, such as those that result from minor collisions.
Axioma has its sights on expanding into the broader handyman space. The business employs technicians that know the ins and outs of what repair costs and timings really should be, which allows Axioma to price at a discount compared to competitors. They plan on copying the model they’ve successfully introduced into the automotive body repair space to other verticals such as home improvement, mechanical repairs, and deep cleaning services.
Axioma was founded in 2018 by Stefano Sironi, whose background is in insurance telematics and investment banking. After several pivots, Stefano and the Axioma team were able to identify the at-home automotive body repair niche, which allowed them to successfully test their vision of providing a helpful hand to any customer that requires a handyman service.
Stefano Sironi, co-founder and CEO at Axioma, says: “With the growing cost of living crisis and inflation continuing to rise, consumers are looking for more ways to make their money go further. Services like ours are really important and helpful from that respect as our mission is to help car owners save money on otherwise costly repairs. By bringing together the most trusted local repairers into a single platform, we’re able to provide motorists with the highest quality repairs at more affordable prices. This investment will only help us develop our product further and give even more customers the opportunity to save their hard earned money.”
Sarah Barber, CEO at Jenson Funding Partners, adds: ”We’ve all experienced going to a garage and having little idea of the real value or time required to do the work. Axioma solves a real-world problem by providing trusted technicians who quote competitively on jobs because it’s actually far easier to put a price on it than people realise. It’s a proposition that’s clearly resonating with motorists and leading to impressive revenue growth, which is why we were delighted to be able to follow-on a successful investment.”