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Successfully funded
overfunded
Midrive
137%
Raised
£2,483,980
Investors
728
Target
£1,800,000
Equity
19.90%
Pre-money valuation
£10,000,000

Midrive is reinventing driving and insurance for the digital generation. In the last 12 months, monthly revenue from their 'pay as you go' hourly insurance and 'app-powered' lessons has increased 391%. Double-gold rated investment on CrowdRating.co.uk and backed by Initial Capital.

  • Over 100,000 hours of driving lessons sold
  • Rated 9 out of 10 on Trustpilot by learners and parents
  • Led by ex-Moneysupermarket GM, ex-Bookatable COO
  • Backed by VCs Initial Capital and Force Over Mass Capital

Idea

52% of UK learners fail their first driving test. Of those who pass, 1 in 5 crash in the first six months.

At Midrive, we’re on a crusade to modernise the £9.6Bn first time driving and insurance market (the first 2 years on the road). Our technology connects instructors with young drivers and includes online lesson booking, digital curriculum, and mobile app based progress tracking tools.

Midrive learners are 38% more likely to pass first time and rate us 9 out of 10 on Trustpilot. Our instructor network has grown to one of the largest in the country with over 1,650 members.

Not only do we help learners pass their test, we help them get on the road with our own innovative "pay as you go" hourly insurance for extra practice with parents and friends.

Recently, we were honoured to be named one of Apple’s ‘All-time Favourite Apps’ and 'Digital Business of the Year' by the Federation of Small Businesses.

2018 will see Midrive launch its next insurance innovation, interactive black box insurance that uses data about speed & acceleration to continue coaching new drivers after they pass their test, keeping them crash free.

We already have the support of leading investors including Holiday Extras, Force Over Mass Capital, and Initial Capital (details in Documents), but are raising on Crowdcube to give our instructors and brand advocates the opportunity to own part of the company as we scale.

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Risk warning

Investments of this nature carry risks to your capital, including illiquidity, lack of dividends and dilution. Balance risk with a diversified portfolio. Read more. Approved as a financial promotion by Crowdcube Capital Limited, which is authorised and regulated by the Financial Conduct Authority.

Investment opportunities are not offers to the public and investors must be eligible Crowdcube members. Further restrictions and Crowdcube's limitation of liability are set out in the Investor Terms and Conditions. Please seek independent advice as required as Crowdcube does not give investment or tax advice.

Midrive has been given advance assurance by HMRC that the proposed share issue is likely to qualify for Enterprise Investment Scheme (EIS) tax relief.

Tax relief is available to individuals only, with income tax relief currently set at 30 per cent of the cost of the shares for the tax year in which the investment was made. The tax reliefs can also reduce your Capital Gains Tax bill. Read More.

Availability of tax relief depends on your individual and the company’s ongoing circumstances and applicable law.