Drover, a London, UK-based car subscription company, raised £20.5m in funding.
The round was co-led by new investors Target Global, RTP Global and Autotech Ventures with participation from new investors Channel 4 Ventures and Rider Global and wxisting investors Cherry Ventures, bp ventures, Partech, Version One and Forward Partners.
The company intends to use the funds to scale its business across the UK, where it launched initially, and France, where it launched earlier this year, invest further into its technology platform and into nationwide marketing campaigns.
Founded in 2016 by Felix Leuschner, CEO, Drover allows people to get cars through a digital ‘car-as-a-service’ model. Customers can get a car from 1-24 months with the car, maintenance and insurance included – for a monthly subscription payment without the need to take on debt for one flat monthly payment. Users create a profile, upload a photo of their driver’s licence, browse a selection of cars tailored to their location and budget, then personalise their subscription package based on their preferred term time, mileage and insurance options, and checkout. Drover then delivers the car to their place in as little as 72 hours.