We’re pleased to formally announce our prior seed investment in the London-based car subscription company, Drover. And we’re even happier to announce that Drover has just raised a £5.5 million Series A round. We co-led the £2 million seed investment with Forward Partners, and today Drover is announcing they’ve closed a Series A round, which was co-led by Cherry Ventures, Partech Ventures and BP Ventures.
Drover is building a new category of accessing cars and helping to redefine mobility. Here’s how it works: for one all-inclusive monthly fee, users get access to the car of their choice. Drover bundles all the typical costs and fees associated with car ownership into one price and users can swap, upgrade, downgrade or cancel without any long-term commitment or steep upfront payments. Drover is partnering with 100 fleet partners, including large rental companies, car dealership groups and OEMs.
Drivers get a flexible, convenient and easy way to get the car of their choice, while rental companies and other partners get a new way increase vehicle utilization and monetize their fleet.
Drover is one of our fastest growing marketplace investments. What’s really exciting about the company is how it separates ownership of a car from usage of a car. The marketplace expands opportunities for both supply (anybody can turn his or her car into a productive asset) and demand (you can use a car without having to own it or commit to a long-term lease). And we see both private and professional use cases.
Drover’s founders are Felix Leuschner (CEO) and Matt Varughese (CTO) and I am personally very excited to get the chance to work with Felix who I have known for some time. Drover is currently our only international investment. And while we primarily stay focused on North America, we sometimes invest outside of the region when we have a previous relationship with a founder.
Drover launched in 2016 and has handled tens of thousands of vehicle bookings in the UK since then. If you want to know more about them, visit www.joindrover.com
Congratulations to Felix, Matt and the entire Drover team!