UK-based student driver startup miDrive said Tuesday that it has closed 2 million pounds in Series A funding. The investors included MBM Capital Partners and Holiday Extras.
PRESS RELEASE
FOLKESTONE, KENT – 30 September 2014 – miDrive, the startup focused on empowering learner drivers announced today that they have raised £2 million in Series A funding which brings total investment to £3 million. Investors for this round include MBM Capital Partners and Holiday Extras.
Launched in 2013, miDrive aims to reduce the stress and hassle faced by the more than 750,000 people in the UK learning to drive each year. Their free app enables learners to pass their exams more quickly by providing them with tools such as the ability to easily track and review practice drives. Learners can take advantage of miDrive’s marketplace to find the right driving instructor which can reduce instruction costs by as much as £300. This powerful platform also enables any of the UK’s 44,000 driving instructors to attract new customers. In just the past 11 months, miDrive’s network has grown to include more than 15,000 learners and 2,400 instructors. An estimated £3 million worth of driving lessons have been driven through its platform.
The new funding will allow miDrive to fuel that momentum by expanding its current Kentbased team of ten people, opening a second office in London and investing more aggressively in growth, both in the UK and internationally. To aid in this effort, miDrive recently hired Eva Binda as Head of Marketing who brings expertise from various roles at Google and Square.
Scott Taylor, CEO of miDrive said: “This additional funding is a great vote of confidence for our vision both in the technology we’re building and the direction we’re pursuing as a team. We’re thrilled to have MBM Capital and Holiday Extras onboard as we work towards reinventing the learning to drive process. We look forward to helping even more learners within the UK and soon in new markets.”
James D Marshall, Partner at London based private equity firm, MBM Capital added: “The process of getting on the road as a learner driver is frustrating and expensive. We’re excited to work with Scott and the team to save learners hundreds of pounds and help instructors grow their businesses.”
About miDrive
Launched in late 2013, miDrive is the ultimate toolkit for learning to drive. Their free apps for Android and iOS have helped thousands of learner drivers to improve their driving skills, findqualified driving instructors and pass their driving tests more quickly while also saving as much as £300 on their lesson expenses. In addition to a robust instructor search tool, miDrive gives learner drivers access to an extensive library of helpful articles and videos and allows them to easily track their drives in a similar manner to fitness tracking apps.
PRESS RELEASE
FOLKESTONE, KENT – 30 September 2014 – miDrive, the startup focused on empowering learner drivers announced today that they have raised £2 million in Series A funding which brings total investment to £3 million. Investors for this round include MBM Capital Partners and Holiday Extras.
Launched in 2013, miDrive aims to reduce the stress and hassle faced by the more than 750,000 people in the UK learning to drive each year. Their free app enables learners to pass their exams more quickly by providing them with tools such as the ability to easily track and review practice drives. Learners can take advantage of miDrive’s marketplace to find the right driving instructor which can reduce instruction costs by as much as £300. This powerful platform also enables any of the UK’s 44,000 driving instructors to attract new customers. In just the past 11 months, miDrive’s network has grown to include more than 15,000 learners and 2,400 instructors. An estimated £3 million worth of driving lessons have been driven through its platform.
The new funding will allow miDrive to fuel that momentum by expanding its current Kentbased team of ten people, opening a second office in London and investing more aggressively in growth, both in the UK and internationally. To aid in this effort, miDrive recently hired Eva Binda as Head of Marketing who brings expertise from various roles at Google and Square.
Scott Taylor, CEO of miDrive said: “This additional funding is a great vote of confidence for our vision both in the technology we’re building and the direction we’re pursuing as a team. We’re thrilled to have MBM Capital and Holiday Extras onboard as we work towards reinventing the learning to drive process. We look forward to helping even more learners within the UK and soon in new markets.”
James D Marshall, Partner at London based private equity firm, MBM Capital added: “The process of getting on the road as a learner driver is frustrating and expensive. We’re excited to work with Scott and the team to save learners hundreds of pounds and help instructors grow their businesses.”
About miDrive
Launched in late 2013, miDrive is the ultimate toolkit for learning to drive. Their free apps for Android and iOS have helped thousands of learner drivers to improve their driving skills, findqualified driving instructors and pass their driving tests more quickly while also saving as much as £300 on their lesson expenses. In addition to a robust instructor search tool, miDrive gives learner drivers access to an extensive library of helpful articles and videos and allows them to easily track their drives in a similar manner to fitness tracking apps.
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