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Axioma

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Axioma is an on-demand mobile car body repair marketplace, matching local, independent repairers with consumers and businesses.

  • 01/07/2022
    Closing date
  • £25,000.00
    Min. investment
  • Technology
    Sector
  • EIS
    Investment type

Axioma is revolutionising the industry by applying it’s core value of “Fair” to the automotive repair industry. We are fair to our customers when we provide high quality repair services at competitive prices, we are fair to our partners when we allow them to keep the lion’s share of the revenue they generate and we are fair to the environment by promoting repairing rather than replacing parts (in 99% of cases we do not replace parts but will opt to repair).

https://youtu.be/-K1XRvea8is

Highlights

  • Monthly sales CAGR of 28% overall, with 60% CAGR in B2C sector
  • Passed £95k of booked monthly gross sales in February 2022
  • Operating nationwide
  • 4.8/5 score on Trustpilot with 95% of reviews at 5 stars
  • Average basked size of £250, which is a net revenue of £50
  • Digital marketing running at 1.7x net revenue return on ad spend, increasing month on month

Market analysis

Current market for UK light damage auto repair is worth £1.5Bn annually. The global light damage market is £58Bn.

Axioma entered the mobile car repair industry in 2020 to offer an alternative repair experience compared to both traditional body-shops and mobile repair market incumbents (e.g. Chips Away / Revive).

Axioma offers a hyper-local, artisanal repair experience by partnering with local, independent tradesmen. Incumbents are structured as franchises or employ the repairers directly which has historically left a gap in the market vis-à-vis repair quality, price and overall customer experience. Chips Away repairers, for example, have no previous repair experience (source: Chips Away franchise brochure) and are offered a 2-week training course prior to beginning operating as franchisees. The average Axioma repairer has over 4 years body-shop training (with in-depth experience in painting, finishing and panel beating). Furthermore, Chips Away repairers pay a significant amount in up-front costs to Chips Away, along with monthly royalties to the franchise – this means that Chips Away franchisees will price their repairs at a 20/30% premium compared to independent, local tradesmen.

Business model

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Use of funds

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Financial projections

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Key team

Stefano Sironi - CEO & Founder

Previous Head of M&A at Octo Telematics, and previously at Bank of America Merill Lynch. Financial accounting / business plan / KPI management / overall business strategy. 

Lukasz Musial - CTO

Previously developer/engineer at Bank of America and Morgan Stanley. Platform building / AI development. 

Natasha Kaars Sijpesteijn - CMO (post-raise)

Director Digital Marketing at Bain & Co. Digital marketing expertise, Google AdWords optimisation and wider Search Engine Optimisation + branding. 

Alexandre Ikeni - B2B Business Development

Director (Financial Institutions Group) at Bank of America and HSBC. Insurance industry knowledge + connectivity to mobility landscape. 

Alex Kennet - COO

Twenty years’ experience in the body-shop industry. Pricing, sales and repairer management – overall execution. 

Exit strategy

Axioma believe a trade sale within 5 to 7 years is the most likely exit route, which could be to a supplier within the automotive and logistics infrastructure sector, to a US competitor or legacy player (e.g. Chips Away), or within the insurance supply chain.

Testimonials

https://uk.trustpilot.com/review/www.axioma.co.uk

Axioma has delivered excellent service! I had a nasty dent and scratch on rear wheel arch after visit to a supermarket. I uploaded photos via Axioma website. I had a quote within an hour. It was competitive so I accepted it. Next I had a call to arrange the date and pay £20 deposit via paylink. 2 days later a technician arrived with a van fully equipped! They pulled out the dent, reconstructed the wheel arch with filler, painted and dried. All within 3-4 hours. Phenomenal results. Very happy! Professional and friendly service. Recommend to anyone! Thanks! 

Working with

Current enterprise customers include Hiyacar, Virtuo, and Co Wheels. The company is also in partnership discussions with insurance providers and public sector fleet operators. 

Fee summary

There will be a performance fee of 25% charged to investors upon successful exit whereby the investor receives returns above £1.20 per £1.00 invested.

Documents

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The content above has been provided by Jenson Funding Partners LLP who are authorised and regulated by the Financial Conduct Authority under firm registration number 820516.