UK-based miDrive, which provides learner driver services online, has announced a £2 million extension to its Series A round led by Initial Capital. It originally raised £3 million in the round.
miDrive operates a marketplace for independent driving instructors and provides digital learning tools and feedback for learner drivers.
The new funds will be used to scale the company’s growth around the UK where it has seen 300,000 drivers use its service. It recently appointed Asher Ismail as CEO, who was previously COO, following the departure of Scott Taylor.
“The benefits of miDrive are clear. miDrive saw great traction last year and we were particularly impressed by Asher and his team,” said Initial Capital’s Shukri Shammas, who now sits on miDrive’s board. “We’re confident this company has what it takes to dominate its category and turn miDrive into the most well known and respected global brand for learner drivers and instructors.”
“Looking to the future, we plan to drive change not only behind the wheel but in other areas that have a pressing need to be rebuilt to meet the needs and expectations of the next generation of drivers,” added Ismail. “For example - when was the last time a millennial got excited about their insurance?”
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