Seed23 June 2021

RoadHow secures £500k in seed funding from Midven to support app roll-out and team expansion

The investment from the Midlands Engine Investment Fund will support the company as it expands its team and rolls out its road safety application.

£500KSeed

RoadHow operates a software platform and mobile application designed to improve driver safety and lower insurance costs through telemetry data. The service also provides users with rewards and discounts on popular retail brands.

RoadHow has secured £500k in a seed investment round led by Midven through the Midlands Engine Investment Fund. The Solihull-based business will direct the capital towards team expansion, supporting new hires across sales, marketing, software development and technology. The company provides a platform that helps motorists assess and improve driving skills while offering insurers verified behavioural data to price policies more accurately.

The funding arrives as the company prepares to roll out its road safety application more broadly. In addition to insurance integrations and theory test revision tools for learner drivers, the platform includes a rewards scheme offering cashback on major retail brands. The investment follows two years of product development by the founders, who previously built and exited aviation data platform FLYdocs.

From the founder

"For too long, the insurance industry has had limited visibility of driver knowledge and skills data upon which to base underwriting and pricing decisions. We’re changing that with RoadHow. Through RoadHow, we will be able to provide insurance companies with real data that will create a much stronger relationship for both the insurance company and the driver. We want to reward good behaviour through data."

Adrian Ryan

Chief Executive Officer at RoadHow

Investor perspective

"’I’m really excited about RoadHow, not only does it have a great idea, but there are two very experienced founders who have not only invested their time but their own money to develop the platform. Adrian and Anne have surrounded themselves with top software developers, but they haven’t forgotten the need to get the product into the market. And for that, they have brought in several senior execs from the insurance world. I’m looking forward to working with the team in the coming months and years. This will be great business offering a great service."