With its equity crowdfunding campaign on Crowdcube set to close this upcoming weekend, UK-based insurtech Midrive has surpassed £2.1 million thanks to nearly 700 investors.
As previously reported, Midrive was founded in 2013 and reported it has over 300,000 throughout the UK and reported its instructor network has grown to be one of the largest in the country, with more than 1,650 members. Prior to launching the Crowdcube campaign, the company secured £5 million from various investors such as Holiday Extras, Force Over Mass Capital, and Initial Capital.
Initially seeking £1.8 million on Crowdcube, Midrive quickly achieved that funding target early on The company recently reported that it plans to use the £1.8 million for growth plans of both learner and instructor acquisition, as well as launch its next insurance products sooner. Midrive also noted it plans to use the overfunds for the following:
- Plans to add more to its brand marketing budget and expand the number of branded cars we have on the road.
- Will accelerate hiring plan particularly on the tech side where it will be adding more app developers to ensure we have consistent release dates between IOS and Android.
- Will hire a new field based business development role to help attract new instructors in areas where the company has waitlists of learners.
The campaign is currently set to close on Saturday.
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