Growth investment firm Nash Capital has taken a stake in auto body repair industry software company Clear21.
No financial details of the investment have been disclosed but the sum invested was reportedly around $30 million. The funding is to be used to help Mulgrave, Victoria-based Clear21 enter the UK market.
The investment is the second made from Melbourne-based Nash Capital’s initial fund which is believed to be nearing a final close, now targeted at $80 million.
Clear21’s flagship product, iBodyshop uses artificial intelligence (AI) to help autobody repair shops quote on repairs, schedule workshop time and order parts.
Nash Capital Growth Fund’s initial investment was a 70% stake in Melbourne-based windscreen repair and replacement business National Windscreens in early 2024. That investment involved backing a management buy-in. Nash Capital is believed to have a third potential investment at the due diligence stage.
Nash Capital was spun out of Nash Advisory which was founded by former Lazard Private Equity director Sean O’Neill and Kennedy Needham director Lucas Couper. The investment team also includes associate director Jonathan Hoe.
Nash Capital seeks to invest $10 to $30 million in medium-sized businesses with enterprise values of $10 million to $100 million. The firm describes itself as a patient, medium-term investor which will actively build businesses alongside management.
Capital raising for the Nash Capital Growth Fund began in May 2023 with a $100 million target. The fund achieved a $50 million first close in early 2024. Nash Capital has a total of about $150 million in funds under management.
Clear21 was founded by managing director Stephen O’Brien. The company claims its iBodyshop software has been the Australian auto body repair industry’s leading management software since 2015.
Image: Clear21 claims its iBodyshop software is Australia’s leading auto body repair business management software.