Digital car retailer Drover today announced another £2.25m in investments which it says will be mainly used to speed up the EV side of things.
The money from Shell Ventures – which is the corporate venture capital arm of Royal Dutch Shell – will also be spent on talent and technology as Drover continues to expand.
It takes the total amount ploughed into Drover this year to £22.75m.
Felix Leuschner, founder and chief executive of Drover, said: ‘Since starting 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.’
Shell Ventures investment director Iryna Gryhorenko said: ‘We are delighted to be joining forces with Drover on its journey to become a European champion in car subscriptions and advance the electrification of our mobility landscape.
‘With vehicle ownership and mobility access becoming much more nuanced, Drover plays into growing consumer demands for flexibility and a frictionless digital experience.
‘Shell Ventures is excited to support their development, as we continue to invest in high-growth leaders at the forefront of the mobility transformation.’
Drover also announced two senior appointments today (Oct 14), with Chris Moysen joining as chief operating officer and Alex Rose coming on board as chief marketing officer.
Rose said: ‘Flexible subscriptions and all-in-one payments are increasingly seen as the smart, simple way to access products and services.
‘Drover’s rapid growth shows that this model is also ideally suited to car ownership for a significant proportion of drivers.
‘I am truly excited by the opportunity to change today’s fragmented car purchase and ownership process by putting Drover’s convenient, accessible, stress-free proposition in the hands of ever more people.’
In addition, Paul Winter will be joining Drover in November as its vice-president of fleet procurement.