London-based startup Drover, allows users to take out a “car subscription” as an alternative to car ownership. The company has recently secured £5.5 million in seed funding. The round was led by VC firms Cherry Ventures, Partech and BP Ventures (the venture arm of BP), and adds to an earlier £2 million ‘pre-seed’ investment from Version One, and Forward Partners.
Founded by Felix Leuschner (CEO) and Matt Varughese (CTO) in late 2015 and subsequently launched the following January, Drover has built what it describes as a Mobility-as-a-Service platform, giving you access to a car wrapped up in a single monthly subscription. This includes the vehicle itself, insurance, road tax, maintenance and breakdown cover. In addition, users can swap, upgrade or downgrade their car monthly or just cancel altogether, without any long-term commitment or steep upfront payments, says the startup.
Of course, you might think that sounds just like existing car rental offerings, except Drover is designed to be a rolling monthly contract, or for 6 months or longer. In other words, mid to long-term rentals.
Read more here.
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