UK driving instruction startup raises £2m and rejigs senior team
London-based miDrive, the UK startup that has developed a learner driver marketplace and training course, has announced the completion of its ‘Series A2’ funding round.
Originally closed at the back end of 2016, the £2m funding round has been led by Initial Capital and has coincided with rejig of its senior leadership team, with its former Chief Operating Officer, Asher Ismail, stepping up to the role of CEO.
Revealed by TechCrunch last week, miDrive’s previous Chief Executive, Scott Taylor, had decided to step down to pursue other projects, with former MoneySupermarket General Manager, Ismail, replacing him earlier this year.
Its board has also undergone a restructuring, with Alastair Peoples coming on board as Chairman, while former Partner at Forward Partners, David Norris, and Initial Capital Partner, Shukri Shammas, have both joined as Board Directors.
Following the reshuffle, Board Director, Simon Hagger, commented: “I’ve been part of this company since the very beginning and it feels like it is entering a new phase as it has a clearer vision and strategy than ever before.”
“Asher has been instrumental in setting this new direction and revamping of the business model. Since he joined, we have transformed our revenue streams, significantly increased our revenue run-rate and are ready to start moving through the gears to scale nationally.
“It is also great to have so much experience of growing businesses amongst our new advisors and investors.”
Following the extension of its Series A round, the company is now targeting UK-wide expansion, bringing its independent instructor marketplace and digital driving lesson resources to more areas of the UK.