Drover to advance further into electric vehicle subscriptions under new funding
Fast-expanding car subscriptions firm Drover is to ramp up its electric vehicle proposition with the help of new funding.
Founded in the UK in 2016, Drover provides a fully digital ‘car-as-a-service’ model that enables customers to get a car, tax, maintenance, breakdown cover and optional insurance for one flat monthly payment.
The firm has already been serially backed by some of the world’s top VCs including Cherry Ventures, Target Global, BP Ventures, RTP Global, Partech and Autotech Ventures, and it’s now secured a £2.25m in additional investments and brought Shell Ventures on as a new investor, stretching total investment announced this year to £22.75m.
Drover said the fund would be used principally to accelerate its electric vehicle proposition. While it already operates some electric vehicles, a company spokesperson said: “We aim to become known as a great way for thousands of first-time EV drivers / owners to take their first step down the EV path in a flexible, convenient, low-commitment way.”
The latest funding will also be used to further invest in new appointments and technology to power its continued expansion.
Felix Leuschner, founder and CEO of Drover, said: “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.”
As well as securing investment this year, Drover has further bolstered its senior leadership team, including the appointment of Chris Moysen as chief operating officer. Over the past 25 years, Moysen has held a number of senior management positions in the fleet sector including roles at Hertz and Northgate.
Alex Rose has also joined Drover as chief marketing officer. His background includes spells at BMW and then Google UK. For the past seven years, he’s operated as marketing director or trading Director at Carwow and WhoCanFixMyCar.com; two other fast-growing automotive tech / marketplace platforms.
Drover is also strengthening its asset management and supply chain team by appointing Paul Winter as VP fleet procurement. He brings 30 years’ experience in the fleet and rental industry, having served over 15 of those as the fleet director for Hertz UK.