Innovate UK and Founders Factory backed the traveltech startup to accelerate its sustainable holiday platform.
"Our tech-driven approach to slow travel is not just about providing holiday experiences grounded in travelling through, rather than flying over, but about accelerating the world’s transition to sustainable travel. The past year saw the world forced to slow right down. Emerging from lockdown, many people are now choosing slower, more sustainable holidays that take them away from the crowds and help them enjoy the journey as much as the destination.We’re taking the time, and the work, out of planning and booking off the beaten path trips by train, boat and bike – and the reception we’ve had has been glowing. Our personalised, experience-based approach and on-demand WhatsApp support means holidaymakers get to spend a whole lot of time enjoying their trip and none at all managing multiple tickets, complicated timetables, and changing travel restrictions."
The Series A round was co-led by MTech Capital and Viola FinTech to support platform expansion and financial services growth.
"Given the strong demographic growth in the over 50s across developed countries, we are constantly surprised that most venture funding continues to flow into business models targeting millennials and Gen Z – at the exclusion of support and services for midlifers. With this funding round, we are delighted to bring on board some fantastic new investors who understand the seismic demographic shift underway in society and the opportunity this presents to better serve an under-represented audience."
The Series B financing was led by Index Ventures with backing from BMW i Ventures, Unbound, Latitude and Marchmont Ventures.
"For half a century, inefficient offline processes have led to bad deals and a bad experience for both car sellers and car dealers. Motorway has fundamentally changed a broken experience where everyone ends up dissatisfied – and we’ve transformed it with a superior online experience where everybody wins. Cutting out the middlemen leaves both the consumer and car dealer with a better deal, all from home and without the stress. Our incredible growth so far is testament to our focus on delivering more value through technology – and this investment will provide us with the fuel to take Motorway to the next level."
The round was led by Insight Partners with participation from ETF Partners and Simon Murphy.
"Consumers are reassessing their consumption, and they expect the businesses they buy from to help them on that journey. The Modern Milkman combines a focus on great customer experience with a business model that is suited to significant expansion to meet the needs of customers across the UK and beyond, and we are delighted to be supporting the company on the next stage of its growth."
