Published: Oct 24, 2023
Focus: Growth Capital
Maven has led a £3 million Series A investment in Drovo, a specialist on-vehicle advertising platform.
London-based Drovo operates the UK’s largest programmatic transit advertising platform. Its proprietary software platform pairs vehicle owners with advertisers to deliver highly targeted and measurable out-of-home (OOH) advertising and digital engagement campaigns.
Drovo provides advertisers with the ability to brand taxis, commercial fleet vehicles and private cars using dynamic digital screens, typically mounted on the roof. Its technology goes beyond traditional outdoor advertising, as the displays can be adapted in real time, allowing a product to be advertised based on the location of the vehicle.
Drovo’s technology gives clients transparency and visibility of all assets through an intuitive dashboard, enabling them to see the location of the vehicles, distance travelled and the routes taken. Drovo’s algorithms then use real-time monitoring to provide an accurate approximation of impressions, reach and overall campaign success.
This innovative advertising model also enables the operators of those vehicles to earn passive income, offering an attractive additional revenue stream, particularly for businesses with large commercial fleets.
The transit outdoor advertising sector is predicted for continued growth and now accounts for circa 40% of the overall UK OOH market. Drovo's client base includes Deliveroo, Paco Rabanne, Uniqlo and American Express.
Over the last four years, Drovo has raised close to £2 million to help develop its technology and commercial proposition. This latest funding round will enable the company to scale and take advantage of the clear market opportunity.
“Drovo is an exciting emerging business which has significant IP and a first mover advantage in the UK, placing 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 this trajectory, and Maven looks forward to working with the Drovo team to help them reach their goals.”
Alex Rothwell, Investment Director at Maven
“Investors have 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.”
Artjom Jekimtsev, Founder and CEO at Drovo