London-based transit media advertising company, Drovo, has successfully raised £3 million in a Series A investment round, led by Maven Capital Partners. The funding will be utilised to advance the development of Drovo's digital rooftop screens and expand its human resources and hardware acquisition. Additionally, the company aims to onboard new users to its proprietary technology platform.
Drovo's approach pairs vehicle owners with advertisers, facilitating highly targeted and measurable out-of-home (OOH) advertising campaigns through on-vehicle digital screens and wrapping. By harnessing geo-targeting and programmatic capabilities, Drovo enables clients to customise their message, ensuring it is seen at the right place and time, and maximises its impact.
The platform offers comprehensive insights into impressions, reach, and the success of transit OOH advertising campaigns. Through a sophisticated system of 28 real-time data points, including location down to borough, street, and even vehicle level, outside temperature, footfall, and proximity to landmarks or stores, Drovo enables hyper-targeting of screen audiences and accurate tracking of real-time impressions.
Drovo is committed to obtaining B Corp certification and achieving 100% carbon neutrality. The company already boasts the largest network of carbon-neutral vehicles throughout the UK. This progressive model provides vehicle operators, including gig workers and businesses with large commercial fleets, the opportunity to earn additional income. It represents an attractive revenue stream, aligning with Drovo's commitment to sustainability and empowering its user base.
Artjom Jekimtsev, Founder and CEO at Drovo, said: “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.”
Alex Rothwell, Investment Director at Maven, added: “Drovo is an exciting emerging business which has significant IP and a first mover advantage in the UK which places 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 on this trajectory, and Maven looks forward to working with the Drovo team to help them reach their goals.”