London-based car subscription startup Drover secures €22.6 million to scale its car-as-a-service
Summary
Founded in 2015, Drover has delivered record results in its consumer business during a period when traditional car sales had nearly halted completely. Drover’s completely digital model has been particularly appealing as customers are looking for a more flexible, modern alternative to car ownership in a time of significant uncertainty and a deep economic downturn. The startup will also continue to invest into its technology platform and into nationwide marketing campaigns to turn Drover into a leading car retail brand. Instead of steep upfront payments, lengthy credit checks, and hours spent in dealerships, Drover has created a frictionless, fully digital transaction process: users simply 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 with the same convenience people use when buying everything else online. As a result, the last few years have seen Drover evolve and grow into a serious contender in the UK car retailing market.” Ben Kaminski, Partner at Target Global, added: “By tapping into ongoing digitalisation and on-demand trends in tandem, Felix and his team are well poised to aggressively seize market share from traditional car retailers.