Learner driver distrupter, miDrive secures £2 million private placement through Chrystal Capital FO network
miDrive is the first end-to-end learner driver portal for learner drivers and instructors.
With a platform of independent, fully approved independent instructors readily available once students pass their theory exam via their free social media app, miDrive is re-inventing how people start driving,
Learners are able to monitor their progress through an interactive curriculum as well as receive smart lesson reports from their instructor, route maps and data-driven insight on where to improve.
The round has been led by the highly respected European and Silicon Valley based investment firm, Initial Capital, who have a proven track record in backing disruptive early-stage technology companies including Supercell ($3 billion sale to SoftBank), Glu Mobile ($350 million IPO) and Playfish ($400 million sale to Electronic Arts). Other investors include high-profile insurance investors, and Family Offices from UK & Europe. Proceeds of the fundraise will allow miDrive to expand nationwide as well as add motor insurance to their product range.
“As we continue to strengthen our co-investment offering for our family offices, miDrive is an example of the opportunity Chrystal Capital are able to provide to their family office network, of co-investing alongside leading institutional investors.”
The investment comes as miDrive strengthens its leadership team.
Asher Ismail, (formerly leader of the Skype click-to-call business from $0 to $100 million revenue run rate) was promoted from COO to CEO at miDrive at the beginning of the year. Alastair Peoples (former CEO of the Driver & Vehicle Standards Agency) was appointed as new chairman, David Norris (ex-COO at Bookatable) and Shukri Shammas (Founder at Playfish and Partner at Initial Capital) were appointed as two new board directors.
“We are delighted with the quality of investors Chrystal Capital introduced to us, including the repute of Initial Capital whom cornered the round. We are excited that investors have bought into our vision as we enter an untapped market and are excited for what the future holds.”
Chrystal Capital’s Growth team advises on private UK based transactions, with a focus on equity capital fundraising, either directly into private companies or as co-investment alongside the best of breed VC and PE houses.