UK-based online classic carsharing company Drive Co has acquired DriveShare, a car-sharing platform owned by automotive lifestyle and insurance brand Hagerty. DriveShare joins the stable of companies owned and operated by Drive Co, including BookAclassic, Vinty and Small Car Big City.
No figures of the deal have been given but Tech.eu has been told the deal is part of 'concluding a £725,000 funding round with a group valuation of £14 million'.
Building what it hopes is the largest online classic car-sharing community and wanting to provide the ‘complete package’ for classic car owners, Drive Co expands its peer-to-peer car-sharing offering with this move.
"At Drive Co, we are passionate about classic cars and the ecosystem that surrounds them," says Kent Mosbech, CEO of Drive Co. "The acquisition of DriveShare is a significant milestone and we are thrilled to continue delivering outstanding experiences to our community and cement our position as the leader in this field."
Integrating DriveShare throughout Q4 Drive Co will introduce new branding for its latest platform and ‘temporarily suspend self-drive services across the group, as it collaborates with an insurance partner to streamline the classic car-sharing experience’. Existing bookings will be honoured.
Lead image: via Unsplash. Photo: Clem Onojeghuo.