Car subscription firm Drover in £5.5m investment round

Car subscription firm Drover has raised £5.5m in a funding round led by venture capital firms Cherry Ventures, Partech and BP Ventures.

The deal, which included participation from existing investors, follows a £2m seed round boost from Version One and Forward Partners.

It brings Drover’s total funding to date to £7.5m.

The London-based company will use the capital to scale by developing its engineering and product team.

Following the investment, Cherry Ventures founding partner Christian Meermann and Partech Ventures general partner Romain Lavault have joined the Drover board.

They will help steer the company alongside Boris Wertz of Version One and Drover founders Felix Leuschner (CEO) and Matt Varughese (CTO).

Christian Meermann said: “We are excited to back Drover because they are building the infrastructure and the customer experience that will change how all parties think about mobility.

“At Cherry, we believe that car-ownership will undergo massive changes as consumers prioritise flexibility, affordability and convenience.”

He continued: “We are confident that the team at Drover will rapidly grow car subscription in the UK and beyond by building tech-enabled operational excellence for their supply partners while creating tremendous value for their customers.”

Drover offers users access to the cars of their choice for one all-inclusive monthly subscription fee.

Felix Leuschner commented: “Simply put, Drover is designed to free consumers from the long-term commitment of a loan or lease, while providing the benefits of car ownership that are missing from existing ride- and car-sharing options.”

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