miDrive, a startup focused on aiding learner drivers, has announced that it has raised £2 million in Series A funding which brings total investment to £3 million.
Launched in 2013, miDrive aims to reduce the ‘stress and hassle’ faced by the more than 750,000 learner drivers in the UK every year. The free app claims to enable learners to pass their exams more quickly by providing them with tools such as the ability to easily track and review practice drives.
Learners can take advantage of miDrive’s marketplace to find the right driving instructor which can reduce instruction costs by as much as £300.
The new funding will allow miDrive to fuel its momentum by expanding its current Kent-based team of ten people, opening a second office in London and investing more aggressively in growth, both in the UK and internationally. To aid in this effort, miDrive recently hired Eva Binda as Head of Marketing who brings expertise from various roles at Google and Square.
Scott Taylor, CEO of miDrive said: "This additional funding is a great vote of confidence for our vision both in the technology we’re building and the direction we’re pursuing as a team. We’re thrilled to have MBM Capital and Holiday Extras onboard as we work towards reinventing the learning-to-drive process. We look forward to helping even more learners within the UK and soon in new markets."
James D Marshall, Partner at London based private equity firm, MBM Capital added: "The process of getting on the road as a learner driver is frustrating and expensive. We’re excited to work with Scott and the team to save learners hundreds of pounds and help instructors grow their businesses."
