Quotevine, a provider of SaaS solutions for the asset and automotive finance industries, has received £2.2m in funding from the private equity firm NVM Private Equity.

The investment was supported by legal advice from partner Philip Clare and solicitor Stephanie Brown, who advised NVM on the deal.

NVM’s backing of Quotevine is seen as a validation of its mission to help asset and automotive finance companies modernise operations and create opportunities from disruptive technologies such as IoT and Artificial Intelligence.

Quotevine will use the capital to fund UK growth over the next three years by investing in growing its sales, developer and operations workforces. It will also invest in the further development of its products to meet client demands.

Daniel Layne, Founder and CEO of Quotevine, said: “This investment is a big vote of confidence for Quotevine and the work we are doing. We are thrilled we have NVM on board and look forward to building our business.”

Aaron Lawson-Clark, Investment Manager at NVM and incoming Quotevine board member said: “NVM is delighted to complete its investment into Quotevine. The business has a unique opportunity to disrupt digitisation in the automotive and asset finance industries.

“The management team have some exciting plans and we look forward to working with them on the journey ahead. Daniel and the team stood out for their ability to innovate at pace and delight customers of all sizes.”

“We are also delighted to have completed another investment with the support of the team at Muckle LLP. They were thoroughly supportive and showed great flexibility, professionalism and expertise throughout the deal. We’ve been very impressed with their ability to adapt their advice to suit our commercial needs and help us successfully complete the investment.”

Stephanie Brown added: “We’re delighted to have worked alongside NVM again and to have advised on their investment in Quotevine. Aaron and the team have shown great confidence in the business and we’re sure the addition of NVM’s experience and expertise will make this partnership a great success.”