Drovo, renowned in the UK for its advanced transit media advertising technology, has declared a successful procurement of £3m. This achievement comes after a productive Series A investment round, which was spearheaded by Maven Capital Partners.
The company intends to channel this funding into amplifying the dynamic digital rooftop screens segment of its service portfolio. Moreover, they have an eye on augmenting their workforce and hardware resources. Concurrently, they’re set on integrating more users into their cutting-edge proprietary technology platform.
By establishing a connection between vehicle owners and advertisers, Drovo facilitates sharp and quantifiable out-of-home (OOH) advertising campaigns. This is made possible through the use of on-vehicle digital screens and wrapping. The advanced geo-targeting and programmatic attributes of Drovo empower clients to tailor their messages. This ensures they are displayed optimally, both in terms of location and timing, thus achieving significant impact.
Proprietary Technology Making Waves in Transit Advertising
Notably, Drovo’s distinct proprietary technology has been employed by prominent brands such as Deliveroo, Paco Rabanne, Uniqlo, and American Express. This technology offers precise data on impressions, reach, and the overall success rate of campaigns, transforming the landscape of transit OOH advertising. It garners 28 real-time data metrics that encompass location specifics (ranging from borough and street to the vehicle itself), the external temperature, foot traffic, and closeness to particular landmarks or shops. This plethora of data enables the pinpoint targeting of screen viewers and meticulous tracking of real-time impressions.
Furthermore, Drovo is progressing towards acquiring a B Corp certification and is committed to achieving 100% carbon neutrality. With the most extensive assembly of carbon-neutral vehicles in the UK, the firm ensures brands can confidently invest in campaigns, knowing full well that all carbon emissions have been counterbalanced. Additionally, Drovo’s business model provides vehicle operators with a chance to generate passive income, making it an enticing supplementary revenue source. This is especially beneficial for gig workers and companies possessing sizeable commercial fleets.
Leadership’s Vision and Partnerships
Artjom Jekimtsev, the Founder and CEO of Drovo, commented on the investment, stating, “Maven’s investment is a testament to the potential our digital screens possess in engaging pivotal target demographics as they traverse London. Our proprietary technology platform stands out as a singular advertising solution for brands throughout the UK. The opportunities we present are unparalleled in terms of personalisation and measurability.”
He further added, “Our current negotiations concerning pivotal strategic collaborations signify the commencement of our growth trajectory. The magnitude and efficacy of our services are poised for enhancement. With winter approaching and daylight dwindling, our digital screens will be more luminous, drawing increased attention, while conventional OOH campaigns lose visibility.”
Echoing this sentiment, Alex Rothwell, Investment Director at Maven, remarked, “Drovo is a burgeoning enterprise with substantial intellectual property and the privilege of being a pioneer in the UK. This grants them a robust foothold to harness the anticipated upsurge in this lucrative advertising niche. Their strategy to diversify revenue streams further is clear-cut, and Maven eagerly anticipates collaborating with the Drovo ensemble to facilitate the realisation of their objectives.”
Investor Collaboration Fuelling Growth
In addition to Maven Capital Partners, other co-investors, including Change Ventures, Caygan Capital, Venturian, and Growthdeck, have collaborated with the existing investor, SEL Capital. This collective endeavour is aimed at bolstering Drovo’s expansion strategy.