Pneusmart, a Milan, Italy and Amsterdam, the Netherlands-based online tire retailer, raised €765k in funding.
Backers included Shark Bites, Digital Magics (AIM Italia: DM), Rancilio Cube, the family office and business accelerator founded by Rancilio, and several Italian and international business angels. In conjunction with the funding, Fabio Cannavale, shareholders of Shark Bites and Founder and CEO of lastminute.com and André Schuurman, joined Pneusmart’s board of directors.
The company intends to use the funds to consolidate its market position in Italy, expand into Germany and Netherlands, launch in Southern Europe,
by launching in French and Spanish, as well as to continue to develop its tech platform.
Founded in 2013 and led by Euan Lonmon, CEO, Pneusmart currently offers over 20k products and 10 millions tires for cars, motorcycles, and vans from 40 brands and over 2,000 resellers and assembly partners. The platform features tools to allow users to select the best product from every part of Europe, to manage the logistics process and enjoy one-day delivery options.
Currently active in Italy, the Netherlands and Italy with over 10k users, the company has a team of 15.