UK-based insurance company Midrive is set to close its equity crowdfunding campaign on Crowdcube with nearly £2.4 million in funding from more than 760 investors.
Founded in 2013, Midrive has more than 300,000 members throughout the UK and reported its instructor network has grown to be one of the largest in the country, with more than 1,650 members. Initially seeking £1.8 million on Crowdcube, Midrive quickly achieved that funding target early on The company recently reported that it plans to use the £1.8 million for growth plans of both learner and instructor acquisition, as well as launch its next insurance products sooner. Prior to launching the Crowdcube campaign, the company secured £5 million from various investors such as Holiday Extras, Force Over Mass Capital, and Initial Capital.
In its recent update, Midrive announced recent company results:
- Record Sales: Year-over-Year growth in driving lesson transactions for Q4 (Jan-March) was 316%
- Record Profitability: More than 2 percentage point improvement in contribution margin compared to the last 3 months of 2017.
- Record Number of Instructors: As of this week, the company has 1,827 registered instructors – up 11% from the start of our campaign.
- Record Number of Lessons: over 120,000 lesson hours sold as of today.
The company then added:
“BTW – Our original target was the 4th largest equity target in Crowdcube history and we smashed it! Over 700 investors have believed in us and contributed over £2,168,710 to our campaign already. We are going to keep breaking records for them.”
Midrive is set to close the funding round later this evening.
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