Car insurance to loans FTSE 100 group, Admiral, has made its first strategic investment by taking a minority equity stake in leading vehicle subscription venture Wagonex.
Fast-expanding and Cardiff-based Wagonex , which was launched in 2016, has pioneered a subscription platform for vehicle manufacturers and retailers. It works with partners such as Renault Trucks and the latest subscription brand to the market, mycardirect. It has also launched a number of white label platforms for brands such as Volkswagen’s CUPRA, as suppliers look to capitalise on consumer demand.
The investment, which will support Wagonex’s growth plans, has been made through Admiral’s venture company, Admiral Pioneer. The value of the investment and the equity position has not been disclosed.
