Maven Capital Partners is leading a £3m Series A investment drive into London-based vehicle advertising platform Drovo.
Drivers can earn money through Drovo by placing a digital sign on their vehicle, or wrapping a screen around it, to display adverts. Ads can be triggered depending on 28 different data points, Drovo said.
Its technology is used by companies including Deliveroo, Paco Rabanne, Uniqlo and American Express.
“As we head into the winter months and daylight becomes more limited, our digital screens will shine brighter and attract more eyeballs while legacy OOH [out of home] activations fade from view,” said Artjom Jekimtsev, founder and CEO of Drovo.
Rothwell added that there is a “well-defined plan” to add more streams of revenue.
Data points that can be customised by advertisers include the outside temperature, distance from landmarks and location.
Drovo said it will spend the Series A investment on hardware acquisition, expanding its team and growing its user base.
Alex Rothwell, investment director at Maven, said: “Drovo is an exciting emerging business which has significant IP and a first mover advantage in the UK which places it in a strong position to capitalise on the expected growth in this attractive advertising sub-sector.”
Change Ventures, Caygan Capital, Venturian, Growthdeck and SEL Capital have also invested in Drovo.