Admiral invests in Wagonex

Admiral Group’s venture building business Admiral Pioneer is announcing that its first strategic investment will be into Wagonex, a London-based car subscription startup.

Launched in 2016, Wagonex has both a D2C and B2B offering, and some enterprise clients include Volkswagen and Renault.

This investment supports Admiral Group’s ambition to diversify and enhance its digital proposition and extend into new mobility trends. It will also provide Admiral Group, which already provides short-term motor insurance, with insight into the specific insurance needs of vehicles provided to customers on a subscription basis.

“Our aim is to support long-term diversification by identifying new markets and ventures where our existing strengths and knowledge give us a competitive advantage. We believe that Wagonex’s best-in-class technology and strong position in the rapidly expanding car subscription market makes it a perfect fit for our first strategic investment. We look forward to working closely with Toby and the team as they continue to expand Wagonex in the UK and beyond.” – Emma Huntington, CEO, Admiral Pioneer.

“We’re delighted that Admiral Pioneer has chosen Wagonex as its first strategic investment. This not only demonstrates the strength of our business and technology but also the exciting market opportunity with the car subscription market predicted to be valued at up to $30 billion globally by 2030. This will allow us to build on our strong UK position and continue to play a leading role in this rapidly growing market, which is changing how the world drives and owns vehicles.”  – Toby Kernon, founder and CEO of Wagonex.