Drover, a London, UK-based car subscription company, secured £5.5m in funding.
The round, which brings total funding £7.m in total, was led by Cherry Ventures, Partech and BP Ventures with continued participation from existing investors Version One and Forward Partners. As part of the round, Christian Meermann, founding partner of Cherry Ventures, and Romain Lavault, General Partner at Partech Ventures, are joining Drover’s board of directors, alongside Boris Wertz of Version One.
The capital will be used to scale the business further and invest in its engineering and product team.
Led by founders Felix Leuschner (CEO) and Matt Varughese (CTO), Drover is a marketplace company that gives users access to cars of their choice for one all-inclusive monthly subscription price, Drover’s user proposition rolls the entire cost of car ownership into one price, including the cost of the car, insurance, maintenance, servicing, taxes and breakdown cover, and makes it available as an online offer on joindrover.com. Users can swap, upgrade or downgrade their car monthly or just cancel altogether, with no additional costs.
Fleet partners include large rental companies such as Europcar, Avis Budget Group and Hertz, car dealership groups, and OEMs, such as BMW Group UK.