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Bonnet is a SaaS platform that simplifies fleet management for small and medium-sized enterprises (SMEs) with 10-100 light vehicles. It addresses the cumbersome task of managing Warrant of Fitness (WOF), Registration, and Road User Charges (RUC).
Market Problem: Managing vehicle compliance is a tedious and error-prone task for commercial light vehicle fleet managers. Most rely on spreadsheets, risking mistakes, voided insurance, and missed compliance deadlines.
Bonnet's Solution: Bonnet pulls WOF, COF, REGO, and RUC data from NZTA via an API, presenting it in a user-friendly interface with a traffic light system that highlights priority tasks. Managers can quickly access up-to-date compliance details by entering a vehicle’s number plate and also manage insurance, warranty, and service records.
Key Product Features:
- Mobile App: Primarily for private vehicle owners; allows fleet drivers to manually enter odometer readings.
- Web App/Portal: Ideal for fleet managers; set up a fleet in under 3 minutes.
Market Traction:
- Current Reach: 54,400 active vehicles on the platform.
- Customer Acquisition: 1/3 of users join through word of mouth.
- Global Aspirations: Plans to expand globally, starting with the UK.
- Key Clients: NZ Build Group, Wolfbrook Residential, Tyremaster, Rainer, and more.
- Distribution: Bonnet has recently entered a partnership with a major NZ telecommunications company; there is the potential for future, similar partnerships with insurance companies.
Team:
- Steph Kennard (CEO & Co-founder): Self-taught web designer with automotive industry experience, including partnerships with brands like Jeep, Maserati, and Nissan.
- Dave Webb (Co-founder & CTO): Specialist in cloud infrastructure with 25+ years’ experience in startups like LOVEFiLM and Zoopla.
- David Wybourne (Strategic Growth): 25+ years in technology and fleet management; led the UK fleet management company Fissara.
Revenue Model:
- Freemium Model: Free accounts for private vehicle owners.
- Subscription Fees: Paid accounts for commercial fleet managers.
Use of Funds:
- Sales and Marketing: To drive growth and market penetration.
- Software R&D: Including hardware-free vehicle linking, automating RUCs, and inspection checklists.
- AI Implementation: For vehicle service summaries.
- Hiring & Certification: Hiring staff and obtaining NZISM certification.
Target Market:
- NZ TAM: 1.35 million light business vehicles.
- UK TAM: 3.87 million light business vehicles.
- Goal: Capture 20% of the NZ market within 3 years
The Offer:
- Raising: $800k
- Share Class: Preference Shares
Further deal information available on registration of interest includes:
- Pitch Deck & Pitch Recording
- DD report
- DD Q&A recording
Note: Minimum investment parcel is $5,000. You will be charged an admin fee upon investment, along with an exit fee on divestment. For more fee info please check here
