Drover raises $26 million
European car subscription service startup Drover has raised $26 million in a new round of funding co-led by Target Global, RTP Global and Autotech Ventures. New investors Channel 4 Ventures and Rider Global, as well as previous backers Cherry Ventures, BP Ventures, Partech, Version One and Forward Partners all also participated.
Founded in 2015, Drover allows people to get a car for one month or more with one monthly payment that covers the car, tax, maintenance, breakdown cover and insurance.
The average customer using the service is in their 30s and the startup finished the second quarter with “record-high revenue.”
In terms of insurance, Drover originally partnered with Munich Re to launch a car insurance product for fleet owners and rideshare drivers, but eventually Zego came in instead of Munich Re. Since then Drover has exited the private hire space which eliminated its partnership with Zego, and now the only insurance provider it works with in the UK is Direct Line Group.