Drover secures £2.3m from Shell Ventures to expand electric vehicle offerings and scale operations.
Shell Ventures joins the Series B round, lifting total funding announced this year to £22.8m.
Drover operates a digital car retail platform in the UK and France offering a car-as-a-service model. The company provides vehicles through flexible monthly subscriptions that bundle maintenance, tax, and optional insurance.
Drover has secured £2.3m in a Series B follow-on investment from Shell Ventures, bringing its total announced funding for the year to £22.8m. The latest capital injection will support the company as it accelerates its electric vehicle offering and continues its expansion in the UK and France.
The fresh funds follow a period of strong performance across its consumer platform, driven by rising demand for flexible vehicle access. New End Associates advised on the transaction as financial partner.
Drover has also bolstered its senior ranks alongside the funding announcement, appointing a new chief operating officer, chief marketing officer, and vice president of fleet procurement.
From the founder
"Since founding in 2016, Drover has evolved and grown into a serious contender in the UK car retail market, and is quickly scaling in France. Our car-as-a-service proposition, with no large downpayment and one flat monthly fee including all the car's bills, has proven remarkably resilient in 2020, with record revenues in Q2 and Q3. Partnering with Shell will only strengthen our position as the leading flexible ownership model, in the UK and beyond"
Felix Leuschner
Founder & CEO at Drover
Investor perspective
"We are delighted to be joining forces with Drover on its journey to become a European champion in car subscriptions and advance the electrification of our mobility landscape. With vehicle ownership and mobility access becoming much more nuanced, Drover plays into growing consumer demands for flexibility and a frictionless digital experience. Shell Ventures is excited to support their development, as we continue to invest in high-growth leaders at the forefront of the mobility transformation."
Iryna Gryhorenko
Investment Director, Shell Ventures
Use of funds
- 01Continue product development
- 02Grow the team
- 03Expand into international markets
