The funding round was led by Cherry Ventures and Seedcamp with participation from a roster of angels.
"The problem with benefits is clear: while they are meant to attract, engage, and ultimately drive productivity, the status quo doesn’t lead to desired outcomes. Our software platform allows companies to load funds and set individual spend rules on how these can be used. Employees are then able to choose from group benefits, such as private medical insurance, mental wellbeing services, or dental plans, while a real per-employee Mastercard opens the door to pretty much any product or service in a tax-efficient and compliant way. It’s a win-win: Employees get tailored benefits, and companies only pay for what’s used, take advantage of tax exemptions and preferred pricing, while streamlining the administration."
Earlybird led the investment round, which will fund international expansion and platform development.
"We want to help everyone become wiser, empathetic, and fulfilled. I believe learning about ideas and insights shaping our future, and stories that move us can do exactly that,"
The Series C round was co-led by Target Global, RTP Global, and Autotech Ventures, bringing the company's total funding to £27.5m.
"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."
