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Drovo, a London, UK-based transit media advertising technology company, raised £3m in funding following a Series A investment round led by Maven Capital Partners.
Additionally, co-investors Change Ventures, Caygan Capital, Venturian and Growthdeck have joined existing investors SEL Capital in supporting Drovo’s growth strategy.
The company intends to use the funds to further develop the dynamic digital rooftop screens element of its offering as well as expand its human resource and hardware acquisition.
Led by Artjom Jekimtsev, Founder and CEO, Drovo pairs vehicle owners with advertisers to deliver targeted and measurable out-of-home (OOH) advertising campaigns through on-vehicle digital screens and wrapping. Its 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 proprietary technology, used by Deliveroo, Paco Rabanne, Uniqlo and American Express, provides 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.
The company’s model enables vehicle operators to earn passive income, offering an additional revenue stream for users, many of which are gig workers, and those businesses with large commercial fleets.