The London-based startup Drover has announced £7.5 million (about $10.5 million) in capital received from its latest fundraising efforts.
The startup that offers flexible car subscriptions to drivers in the United Kingdom received money from venture capital firms like Cherry Ventures, Partech and BP Ventures. Boasting that all extra charges like insurance and road tariffs are covered in the price of subscription, Drover offers a way for people to quickly access cars and, inversely, get out of the car payment if that person’s circumstances change.
All users have to do to get a car is create a profile, upload their UK driver’s license, and then begin searching for the make and model that fits their budget.
“Almost all innovation in the mobility space has so far focused on how to get from A to B,” said Drover CEO Felix Leuschner. “At Drover, however, we’re rethinking car ownership itself; a space where very little innovation has happened to date. We are building an integrated end-to-end platform that looks to the future and prioritizes meeting the demands of the modern-day customer.”
Similar to some ride-sharing apps, Drover does not actually own the cars that they offer up for subscription. They take from partnering car companies and fleets like Hertz and Avis and then act as a medium for providing the cars for varying periods of time to the subscribers.
Launched in January of 2016, the sizeable fundraising effort shows that the startup’s big backers are ready to go all in with Drover.
“We are excited to back Drover because they are building the infrastructure and the customer experience that will change how all parties think about mobility,” said Christian Meermann, founding partner at Cherry Ventures. “At Cherry, we believe that car-ownership will undergo massive changes as consumers prioritise flexibility, affordability and convenience.”
