Learner insurance platform Midrive exceeds crowdfunding goal

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Midrive, a learner driver insurance platform, has exceeded its original target for its Crowdcube crowdfunding campaign.

The company has pulled in up to £2.4m, beating its initial goal of £1.8m, following contributions from 768 investors. Midrive raised the money at a pre-money valuation of $10m and has sold 19.65 per cent of its equity.

UK-based Midrive is an online platform to help learners pass their tests by offering tools to find high-rated instructors, access theory test support and get pay-as-you-go insurance. Through the company’s mobile app, a user can connect with instructors to book lessons, but they can also receive analysis from the app on their performance and driving routes.

Hourly insurance is available through the platform providing cover for a driver, so they can practice in a friend or family members car.

Over the course of the year the company will launch its interactive black box insurance service, which will use speed and acceleration data too help train drivers.

The company has previously raised equity from investors including Holiday Extras, Force Over Mass Capital, and Initial Capital.

Earlier in the year, digital refinance origination and marketplace platform for auto insurance rateGenius completed a recapitalisation from Tritium Partners.

Copyright © 2018 FinTech Global

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