Midrive, a UK-based insurtech that’s on a mission to reinventing driving and insurance for the digital generation, is now nearing £2 million through its equity crowdfunding campaign on Crowdcube. The campaign was launched last month and successfully secured £1.8 million. So far, the funding round has attracted 540 investors.
As previously reported, Midrive was founded in 2013 and describes itself as an insurance company that uses tech and data with a “fresh attitude” to both empower both learners and instructors. The company claims more than 300,000 customers throughout the UK have already gained their “independence” through its platform.
“At Midrive, we’re on a crusade to modernize 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.”
Prior to its equity crowdfunding round, Midrive secured 5 million from various investors such as Holiday Extras, Force Over Mass Capital, and Initial Capital. All funds from the Crowdcube round will be used to continue Midrive’s growth and development. It is currently set to close towards the end of April.
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