Online marketplace Drover has raised £5.5m from a host of investors.
The London-based startup, which offers an ‘all inclusive’ car subscription service for new and used cars, received the cash from lead investors Cherry Ventures, Partech and BP Ventures. Existing investors also participated in the round.
Felix Leuschner, the co-founder and CEO, commented on the news.
“Almost all innovation in the mobility space has so far focused on how to get from A to B,” he said.
“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 prioritises meeting the demands of the modern-day customer.
“Simply put, Drover is designed to free consumers from the long-term commitment of a loan or lease, while providing the benefits of car ownership that are missing from existing ride- and car-sharing options,” concluded Leuschner.
European venture investment reaches all-time high
As a result of the investment, Christian Meermann, founding partner of Cherry Ventures; and Romain Lavault, general partner at Partech Ventures, will join Drover’s board of directors, alongside Boris Wertz of Version One and Leuschner (CEO) and his co-founder Matt Varughese (CTO).
Meermann said he was excited to back the startup because they were “building the infrastructure and the customer experience that will change how all parties think about mobility”.
“At Cherry, we believe that car-ownership will undergo massive changes as consumers prioritise flexibility, affordability and convenience. We are confident that the team at Drover will rapidly grow car subscription in the UK and beyond by building tech-enabled operational excellence for their supply partners while creating tremendous value for their customers.”
Today’s news comes after Version One and Forward Partners previously invested £2m in Drover’s pre-Seed.
This time round Drover hopes to use the money to scaleup and hire across its engineering and product teams.