Midrive, a UK-based insurtech that’s on a mission to reinventing driving and insurance for the digital generation, has successfully secured more than £1.9 million from nearly 450 investors through its equity crowdfunding campaign on Crowdcube. The funding round was launched last month, seeking £1.8 million.
Founded in 2013, Midrive stated that it uses tech and data with a “fresh attitude” to empower both learners and instructors. More than 300,000 customers in the UK have reportedly already gained their “independence” with Midrive.
“At Midrive, we’re on a crusade to modernise the £9.6Bn first time driving and insurance market (the first 2 years on the road). Our technology connects instructors with young drivers and includes online lesson booking, digital curriculum, and mobile app based progress tracking tools. Midrive learners are 38% more likely to pass first time and rate us 9 out of 10 on Trustpilot. Our instructor network has grown to one of the largest in the country with over 1,650 members. Not only do we help learners pass their test, we help them get on the road with our own innovative “pay as you go” hourly insurance for extra practice with parents and friends.”
Midrive also reported that prior to the Crowdcube launch, it raised 5 million from various investors, including Holiday Extras, Force Over Mass Capital, and Initial Capital. The company was also named one of Apple’s ‘All-time Favourite Apps’ and ‘Digital Business of the Year’ by the Federation of Small Businesses. All funds from the Crowdcube round will be used to continue Midrive’s growth and expansion. It is currently set to close mid-April.
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