Less than two weeks until its equity crowdfunding round comes to an end on Crowdcube, UK-based insurtech Midrive has successfully secured more than £2 million from over 575 investors. The company quickly secured its initial £1.8 million funding target.
Founded in 2013, Midrive is an insurance company that has more than 300,000 customers throughout the UK. The company reported that its technology connects instructors with young drivers and includes online lesson booking, digital curriculum, and mobile app based progress tracking tools.
Midrive also noted that its instructor network has grown to one of the largest in the country with over 1,650 members. Prior to its equity crowdfunding round, Midrive secured £5 million from various investors such as Holiday Extras, Force Over Mass Capital, and Initial Capital.
“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.”
Just before it surpassed £2 million, Midrive announced it was the fourth biggest Crowdcube to hit its funding target.
“Having smashed through our original target of £1.8 million, we’re joining Go Henry (£2 million), Cocoon (£2 million) and Crowdcube (£5 million) itself as the highest ever equity targets set for a raise. We’re immensely proud to be listed alongside these highly successful companies.”
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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