MicksGarage.com, Ireland’s leading online auto parts retailer, landed a €1.5 million funding round to support its growth in the UK market. The online business was founded by brothers Ciaran and Michael Crean.
The €1.5 million investment was raised by Investec Wealth & Investment through the Employment and Investment Incentive Scheme (“EIIS”), a scheme designed to allow investors a tax-efficient way of “supporting the development of Irish Small & Medium Sized Enterprises”.
Qualifying investors can claim a deduction from their total income and, in the case of a €50,000 investment, could result in tax relief of up to €20,000 or 40%.
“Investec has been an important source of support for MicksGarage.com as it continues to grow,” says Ciaran Crean.