Maven Capital Partners, a leading UK investor in growing businesses, announced that it led a £3M (€3.4M) Series A investment in Drovo, a London-based on-vehicle advertising technology company.
Drovo runs the UK’s largest programmatic transit advertising platform. It connects vehicle owners with advertisers to deliver targeted, measurable, out-of-home (OOH), and digital engagement campaigns. It helps advertisers brand taxis, commercial fleet vehicles, and private cars with dynamic digital screens on their roofs.
The company plans to use the fresh funds to enhance its dynamic digital rooftop screens and expand its team and hardware acquisition.
“Investors have recognised that our digital screens offer brands an innovative way to seize the attention of key target audiences as they navigate around London. Our proprietary technology platform provides a unique advertising solution for brands UK-wide,” says Artjom Jekimtsev, founder and CEO at Drovo.
“With discussions around key strategic partnerships ongoing, this is just the beginning of our journey: the scale and effectiveness of our offering will only increase,” adds Jekimtsev.
The company is currently on track to achieve B Corp certification. As part of the plan, it offers higher compensation to EV drivers than fossil fuel vehicles. It is committed to maintaining 100 per cent carbon neutrality and offsetting CO2 emissions from all its campaigns.
In addition, Drovo says it continually explores innovative sustainability initiatives, like testing CO2-absorbing paint and water-dissolvable, non-PVC wrapping.
Support from Maven and investors
Previously, Drovo had secured close to £2M (€2.29M) to develop its technology and commercial proposition. This new funding round will help Drovo to capitalise on the expanding transit outdoor advertising sector, which is predicted to continue growing and now accounts for about 40 per cent of the overall UK OOH market.
“Drovo is an exciting emerging business which has significant I.P. and a first mover advantage in the UK, placing it in a strong position to capitalise on the expected growth in this attractive advertising sub-sector,” says Alex Rothwell, investment director at Maven.
“The company also has a well-defined plan to diversify its sources of revenues further and ensure that it continues on this trajectory, and Maven looks forward to working with the Drovo team to help them reach their goals,” adds Rothwell.
Change Ventures, Caygan Capital, Venturian and Growthdeck, and existing investor SEL Capital also participated in the round.
What drove offers
Drovo’s proprietary technology revolutionises transit OOH advertising by providing insights into impressions, reach, and campaign success through 28 real-time data points. This includes location, temperature, footfall, and proximity to landmarks and stores, which allows for hyper-targeting of screen audiences and accurate tracking of impressions.
Its intuitive dashboard provides transparency and visibility of all assets, enabling clients to see vehicle locations, distance covered, and routes taken. Then, its algorithms use real-time monitoring to predict impressions, reach, and campaign success.
This technology also enables clients to tailor their messages for optimal visibility and impact, delivered at the right location and time.
Gig workers, businesses with large fleets, and other vehicle operators have the opportunity to earn passive income through the company’s innovative advertising approach.
Its client base includes notable brands such as Deliveroo, Paco Rabanne, Uniqlo, American Express, Steve Madden, and Hyatt Hotel.