Drover secures £20.5m in Series C funding led by Target Global, RTP Global, and Autotech Ventures to expand across the UK and France.
The Series C round was co-led by Target Global, RTP Global, and Autotech Ventures, bringing the company's total funding to £27.5m.
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.
London-based car subscription provider Drover has secured £20.5m in Series C funding to expand its operations across the UK and France. The investment round was co-led by Target Global, RTP Global, and Autotech Ventures, with additional participation from Channel 4 Ventures, Rider Global, Cherry Ventures, bp ventures, Partech, Version One, and Forward Partners. The fresh capital brings the company's total funding to £27.5m. Drover experienced record growth during the recent economic downturn as consumers sought flexible, digital-first alternatives to traditional car buying and leasing.
From the founder
"The car market is one of the last retail categories that has yet to shift online, with online penetration of car sales being still below 1%, while 20% of all UK retail sales are now online. Drover’s digital ‘car-as-a-service’ model is the right approach to truly build the ‘Amazon of Cars’ as it lends itself much better to an online model than does the long-term commitment, high ticket size type transaction of buying a car with cash or on finance. As a result, the last few years have seen Drover evolve and grow into a seriouscontender in the UK car retailing market. The Drover team has been agile through COVID-19 and that has enabled us to continue to show fantastic growth in a challenging time. The need for a simpler, more flexible model for car ownership is only accelerating and we’re proud to be leading that journey in the UK and France and in hopefully many more markets in the future."
Felix Leuschner
Founder & CEO at Drover
Investor perspective
"By tapping into ongoing digitalisation and on-demand trends in tandem, Felix and his team are well poised to aggressively seize market share from traditional car retailers. This new capital injection is a testament to both the team and the tech behind Drover which is disrupting the car-ownership model for the better. We’re excited to offer our support as Drover continues to scale throughout Europe."
Ben Kaminski
Partner, Target Global
Use of funds
- 01Expand into international markets
- 02Continue product development
- 03Invest in sales and marketing
Investors
Ben Kaminski
Target Global
Anton Inshutin
RTP Global
Daniel Hoffer
Autotech Ventures
Channel 4 Ventures
Rider Global
Cherry Ventures
bp ventures
Partech
Version One
Forward Partners