- New Midrive app aims to boost learner driver confidence and accelerate learning
- The launch comes after the company secured a £2.5m funding round (140% of the company’s original target) from 729 investors on Crowdcube
- The round also included participation by VCs Initial Capital, the investors behind some of the UK’s biggest tech success stories
Today, Midrive announced that we have secured £2.5 million to support our next phase of growth. The fundraise, which completed officially on Friday 1st June on Crowdcube, demonstrates the interest in solutions that make the broken first time driving market better. Midrive’s equity funding target was the 4th largest in Crowdcube history, and the company raced past this goal, securing £2.5 million in total (140% of the original target). 729 investors participated including a large number of Midrive learners and instructors.
With the traditional approach to preparing new drivers for the road being widely criticised, Midrive is on a mission to drastically improve the way people learn to drive ‒ one that is easier to navigate, less expensive, and ultimately produces better, safer drivers. Over 300,000 learners have already gained their independence using Midrive’s driving apps, which include theory lesson preparation and hourly learner insurance.
The official launch of the new Midrive Learner App is an exciting next step in our journey. It features a digital curriculum, in addition to insightful lesson reports, and easy lesson scheduling. The free smartphone app is available today on both the Apple and Android app stores.
With the launch, Midrive hopes to strengthen its lead in learning quality and feedback. Midrive learners are already 38% more likely to pass the test first time and require 17 fewer lessons than the UK national average.
In general, we believe more data driven insight for learners on the most common mistakes and where to improve is critically needed. Of the almost 1 million people who learn to drive each year, 53% fail their first test. Of those who pass, 1 in 5 crash in the first 6 months. This makes the cost of learning and getting insured incredible expensive.
Midrive’s technology has been shown to help learners progress in their lessons faster, feel better prepared and, critically, pass-first time. The average learner saves over £425 as a result.
Midrive CEO, Asher Ismail, said:
“We are thrilled to have the continued support of our investors with this new investment to now have the resources to accelerate our mission to modernise first time driving. With the new funds we plan to further develop the Midrive learner app and launch other tools that enable new drivers to learn faster and smarter.”
Investors from previous rounds accounted for 51% of the funds raised. Initial Capital, who also led the company’s previous round, increased their investment as part of the transaction. The total investment in Midrive since launch is now £7.5 million.
Partner at Initial Capital, Alvaro Alvarez, added:
“The benefits of Midrive are clear. Midrive saw great traction last year and we were particularly impressed by Asher and his team. We’re confident this company has what it takes to dominate its category and turn Midrive into the most well known and respected brand for learner drivers and instructors.”
Supporting the fundraise effort was Chrystal Capital, which also invested in the round. Other investors included Holiday Extras and Kelvin Capital.
Last modified: 6th June 2018