LONDON, 24th October 2023: Drovo, the UK’s market leader in transit media advertising technology, has today announced that it has raised £3m of funding following a successful Series A investment round led by Maven Capital Partners.

Drovo plans to use the funding to further develop the dynamic digital rooftop screens element of its offering as well as expand its human resource and hardware acquisition. All whilst onboarding new users for its innovative proprietary technology platform.

Drovo pairs vehicle owners with advertisers to deliver highly targeted and measurable out-of-home (OOH) advertising campaigns through on-vehicle digital screens and wrapping. Drovo’s sophisticated geo-targeting and programmatic capabilities allow clients to customise their message to be seen at the right place and time, with maximum impact.

Drovo’s unique and proprietary technology, used by Deliveroo, Paco Rabanne, Uniqlo and American Express, provides accurate insights into impressions, reach and campaign success, revolutionising transit OOH advertising. Twenty-eight real-time data points including location (down to borough, street and vehicle level), outside temperature, footfall and proximity to specific landmarks or stores allow for hyper-targeting of screen audiences and accurate tracking of real-time impressions.

Drovo is also on the road to B Corp certification and 100% carbon neutrality (with the largest network of carbon-neutral vehicles across the UK) so brands are now able to purchase campaigns safe in the knowledge that all emissions have been offset. The company’s model enables vehicle operators to earn passive income, offering an attractive additional revenue stream for users, many of which are gig workers, and those businesses with large commercial fleets.

Artjom Jekimtsev, Founder and CEO at Drovo, said; “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. No other organisation is able to offer these opportunities in such a bespoke and measurable way.

“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. As we head into the winter months and daylight becomes more limited, our digital screens will shine brighter and attract more eyeballs while legacy OOH activations fade from view.”

Alex Rothwell, Investment Director at Maven, added; “Drovo is an exciting emerging business which has significant IP and a first mover advantage in the UK which places it in a strong position to capitalise on the expected growth in this attractive advertising sub-sector. 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.”

Additionally, co-investors Change Ventures, Caygan Capital, Venturian and Growthdeck have joined existing investors SEL Capital in supporting Drovo’s growth strategy.

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About Drovo

Our Mission is to drive change in transit media

For Drivers: Drovo drivers earn substantial monthly passive income for branding their vehicles and driving as normal, with additional earning opportunities through campaign events and photoshoots.

For Advertisers: Drovo’s proprietary technology provides advertisers unparalleled transparency and visibility of all assets, all available through the client dashboard.

For The World: As the UK’s first carbon-neutral transit media provider, we offset all CO2 emissions from every campaign, encouraging electric vehicle adoption and supporting greener road initiatives.

About Maven Capital Partners UK LLP

Maven is a leading private equity house focused on the provision of flexible funding for high growth businesses, and one of the most active SME investors in the UK. Headquartered in Glasgow, and with offices throughout the UK, Maven has over 90 investment and support professionals providing a truly nationwide coverage. Maven has over £800 million funds under management and available to invest, and manages assets for a variety of client funds, including Venture Capital Trusts, MBO Fund, UK regional fund mandates, and Maven Investor Partners, a syndicate of institutional, family office and experienced investors.