12th October 2016
The innoVentures Managing Director; Roy Williamson was invited to present at the London Digital Business Forum last month on “How…
Posted on 14th February 2013
Castrol innoVentures Makes Milestone Investment in U.S. Online Auto Repair Leader RepairPal
Castrol innoVentures Group, Castrol’s strategic innovation arm, has made its first venture investment towards building businesses that take Castrol beyond its hugely successful lubricants business.
Castrol innoVentures and automobile industry leaders Cars.com are investing $13 million in RepairPal (www.repairpal.com), a U.S. business that aspires to be the definitive source for trusted auto repair.
A.S Ramchander, Castrol’s Vice President for Marketing, said “This investment is part of a wider strategy focussed on the longer term that will assert Castrol’s vision and technology leadership in the market. The opportunity to solve consumer and customer problems beyond lubricants is exciting and will ensure the business, as global market leader in premium lubricants, will continue to grow for many years to come.”
RepairPal combines a unique set of tools and content to empower consumers with information about repairs, maintenance and price with the largest, certified network of repair shops in the U.S.
RepairPal verifies “Top Shops” based on equipment, parts, personnel training, work and price guarantees and customer satisfaction.
“We are delighted that our first investment is in a company that is helping to transform the auto repair industry. This is a milestone for us and it demonstrates our commitment to uncovering new business opportunities and to open the Castrol brand up to new potential markets”, said Jonathan Tudor, Ventures Director of Castrol innoVentures. “Apart from our investment in RepairPal, we will be making a number of other investments in technology-based businesses to help accelerate our own growth, as part of the open innovation approaches we are taking in the future.”
These minority stakes in businesses allows Castrol innoVentures to participate in new evolving markets and support investee companies’ growth by using Castrol’s existing market, technology and channel relationships to open up opportunities.
Castrol innoVentures is committed to building a significant portfolio of investments in the next four years to help explore new areas of business. Castrol is making a significant minority investment in RepairPal as part of the $13 million investment round, alongside other investments by existing venture companies and Cars.com.
RepairPal is the definitive source for trusted auto repair. RepairPal provides fair price estimates, expert advice from certified mechanics and the most comprehensive, verified auto shop directory online and via mobile app. Only shops that meet extremely stringent standards for quality, price and customer satisfaction are certified as RepairPal Top Shops providing added confidence as consumers maintain and fix their vehicles. By facilitating transparency and empowering consumers with the information they need to get quality service and save money, RepairPal is transforming the auto repair industry. RepairPal is located in San Francisco, California with Top Shop locations in more than 33 states. Find more at www.repairpal.com.
About Castrol innoVentures
The Castrol innoVentures group was created as a separate unit by BP-owned Castrol Lubricants to focus on step-out innovation and new business development beyond lubricants. Their objective is to develop material businesses beyond today’s lubricants products. The group makes strategic investments in technology start-ups in a number of sectors including: next generation auto engineering; smart mobility; sustainable solutions and in technologies that help it’s industrial and marine customers improve efficiencies. They also run a broader program of open innovation, exemplified by the Castrol 20/20 challenge events in London and Shanghai in 2012