09th November 2023
Drovo, the UK’s market leader in transit media advertising technology, has 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; “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.
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.