UK-based subscription car rental service Drover has raised £20.5m ($25.9m) in funding from investors including broadcaster Channel 4 and oil and gas supplier BP, Maddyness reported yesterday.
Venture capital firms Autotech Ventures, RTP Global and Target Global co-led the round, which also featured Rider Global, Cherry Ventures, Partech, Version One Ventures and Forward Partners. The corporates took part through Channel 4 Ventures and BP Ventures respectively.
Drover runs an online marketplace enabling UK and France-based motorists to hire cars for a monthly fee through contracts ranging from one to 24 months that include maintenance and insurance coverage.
Customers can switch between vehicles as part of the agreement. The funding will support improvements to Drover’s product technology and marketing capabilities.
The company closed a $7.7m series A round in early 2018 that was co-led by BP Ventures, Cherry Ventures and Partech, following about $3m in a seed round co-led by Version One Ventures and Forward Partners.