Road safety app steers towards success following £500,000 investment
The investment will support RoadHow in the roll out of its road safety app.
Solihull based RoadHow, an app designed to help drivers to become safer and more aware on the road, while potentially saving them money on their insurance, has secured £500k from Midlands Engine Investment Fund (MEIF) WM Equity Finance Fund, managed by venture capital firm Midven (part of the Future Planet Capital group).
The software platform and app, which has been in development for two years, can be used by motorists to test their driving knowledge and aid further learning. Insurers will be able to review and monitor the data collected and offer incentives or discounts on car insurance, adding a new set of data into the insurance pricing and underwriting decision making process.
Learner drivers can also use the RoadHow app to practice DVSA Theory Test revision questions. It is the only app on the market that allows learner drivers to build their knowledge in the form of a series of AI-calculated scores as they work towards passing their test, with insurance providers ready to offer premium incentives for drivers who have used RoadHow.
The funding is set to support the business’s growth plans, with RoadHow set to welcome new staff over the next 12 months, supporting sales and marketing, as well as software development and tech.
The app is multi-faceted, and also functions to offer users discounts on hundreds of popular brands as part of its RoadHow Rewards scheme. For a subscription fee, users can enjoy money-off or cashback on purchases made on the likes of Apple, Nike, Expedia, M&S, John Lewis and many more.
RoadHow is the brainchild of Adrian and Anne Ryan. Both have strong backgrounds in multiple technology sectors, having successfully built and sold global aircraft data and records management platform, FLYdocs, prior to developing RoadHow.
Adrian Ryan, Chief Executive Officer at RoadHow, says:
“For too long, the insurance industry has had limited visibility of driver knowledge and skills data upon which to base underwriting and pricing decisions. We’re changing that with RoadHow. Through RoadHow, we will be able to provide insurance companies with real data that will create a much stronger relationship for both the insurance company and the driver. We want to reward good behaviour through data.”
Giovanni Finocchio, Investment Director, says:
“’I’m really excited about RoadHow, not only does it have a great idea, but there are two very experienced founders who have not only invested their time but their own money to develop the platform. Adrian and Anne have surrounded themselves with top software developers, but they haven’t forgotten the need to get the product into the market. And for that, they have brought in several senior execs from the insurance world. I’m looking forward to working with the team in the coming months and years. This will be great business offering a great service.”
Grant Peggie, Director at the British Business Bank, said:
“It’s great to see funding from the MEIF is helping to bring new disruptive technology and software to the motor industry, while promoting road safety and education. With the support of Midven and finance from the MEIF, the Solihull business is well-positioned to now roll out its services and unlock growth. It is also set to create new jobs, boosting the Midlands economy.”
Tim Pile, Chair of Greater Birmingham and Solihull Local Enterprise Partnership (GBSLEP) said:
“RoadHow are a hugely ambitious business, and it is fantastic to see their work come to fruition following MEIF funding. Digital technologies such as Artificial Intelligence (AI) and Augmented Reality (AR) are crucial to GBSLEP’s commitment of becoming a leading region for innovation. By working with our public, private and education partners and taking a collaborative cross-sector approach, we will continue to support businesses such as RoadHow to capitalise on the opportunities created to drive inclusive economic growth.”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
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Drew Craythorne, Digital Glue