AdTech startup Drovo pulls in £3m following Series A round led by Maven Capital Partners
Drovo, a UK-based startup specialising in transit media advertising technology, has raised £3 million of funding following a Series A investment round led by Maven Capital Partners.
It plans to use the cash to further develop the dynamic digital rooftop screens element of its offering as well as expand its human resource and hardware acquisition. And also onboard new users for its proprietary technology platform.
Drovo pairs vehicle owners with advertisers to deliver targeted and measurable out-of-home (OOH) advertising campaigns through on-vehicle digital screens and wrapping.
Its geo-targeting and programmatic capabilities allow clients to customise their message to be seen at the right place and time.
The offering is used by Deliveroo, Paco Rabanne, Uniqlo and American Express, and features 28 real-time data points including location (down to borough, street and vehicle level), outside temperature, footfall and proximity to specific landmarks or stores.
Drovo is also on the road to B Corp certification. Its model enables vehicle operators to earn passive income, offering an 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, says; “We welcome this investment from Maven, which has 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, comments: “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.”
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