RoadHow partners with Midven to change driver risk and improve road safety
Road safety app steers towards success following £500,000 investment
The investment will support RoadHow in the roll out of its road safety app.
Solihull based RoadHow, an app designed to help drivers to become safer and more aware on the road, while potentially saving them money on their insurance, has secured £500k from Midlands Engine Investment Fund (MEIF), managed by venture capital firm Midven (part of the Future Planet Capital group).
The software platform and app, which has been in development for two years, can be used by motorists to test their driving knowledge and aid further learning. Insurers will be able to review and monitor the data collected and offer incentives or discounts on car insurance, adding a new set of data into the insurance pricing and underwriting decision making process.
Learner drivers can also use the RoadHow app to practice DVSA Theory Test revision questions. It is the only app on the market that allows learner drivers to build their knowledge in the form of a series of AI-calculated scores as they work towards passing their test, with insurance providers ready to offer premium incentives for drivers who have used RoadHow.
The funding is set to support the business’s growth plans, with RoadHow set to welcome new staff over the next 12 months, supporting sales and marketing, as well as software development and tech.
The app is multi-faceted, and also functions to offer users discounts on hundreds of popular brands as part of its RoadHow Rewards scheme. For a subscription fee, users can enjoy money-off or cashback on purchases made on the likes of Apple, Nike, Expedia, M&S, John Lewis and many more.
RoadHow is the brainchild of Adrian and Anne Ryan. Both have strong backgrounds in multiple technology sectors, having successfully built and sold global aircraft data and records management platform, FLYdocs, prior to developing RoadHow.
Adrian Ryan, Chief Executive Officer at RoadHow, says:
“For too long, the insurance industry has had limited visibility of driver knowledge and skills data upon which to base underwriting and pricing decisions. We’re changing that with RoadHow. Through RoadHow, we will be able to provide insurance companies with real data that will create a much stronger relationship for both the insurance company and the driver. We want to reward good behaviour through data.”
Giovanni Finocchio, Investment Director, says:
“’I’m really excited about RoadHow, not only does it have a great idea, but there are two very experienced founders who have not only invested their time but their own money to develop the platform. Adrian and Anne have surrounded themselves with top software developers, but they haven’t forgotten the need to get the product into the market. And for that, they have brought in several senior execs from the insurance world. I’m looking forward to working with the team in the coming months and years. This will be great business offering a great service.”
Grant Peggie, Director at the British Business Bank, said:
“It’s great to see funding from the MEIF is helping to bring new disruptive technology and software to the motor industry, while promoting road safety and education. With the support of Midven and finance from the MEIF, the Solihull business is well-positioned to now roll out its services and unlock growth. It is also set to create new jobs, boosting the Midlands economy.”
Tim Pile, Chair of Greater Birmingham and Solihull Local Enterprise Partnership (GBSLEP) said:
“RoadHow are a hugely ambitious business, and it is fantastic to see their work come to fruition following MEIF funding. Digital technologies such as Artificial Intelligence (AI) and Augmented Reality (AR) are crucial to GBSLEP’s commitment of becoming a leading region for innovation. By working with our public, private and education partners and taking a collaborative cross-sector approach, we will continue to support businesses such as RoadHow to capitalise on the opportunities created to drive inclusive economic growth.”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
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Drew Craythorne, Digital Glue
0121 389 2784
RoadHow is a UK based tech company which offers the most advanced driver risk management and learning platform in the marketplace. Dedicated to improving driver behaviour and reducing insurance risk, RoadHow uses data, driver engagement, incentives and current/future forecast metrics to change how drivers approach their time behind the wheel.
Utilising the power of Big Data, AI, Machine Learning and Augmented Reality, the ground-breaking RoadHow app and platform delivers change for all stakeholders – Drivers, Insurers & MGAs, Telematics Service Providers, Intermediaries, Fleet Managers and anyone else involved in vehicle insurance, performance, risk management and monitoring.
For more than 25 years, leading Birmingham-based venture capital firm Midven has been supporting Midlands SMEs, investing more than £60m into the region and raising £200m co-investment into their portfolio. Midven’s ‘more than money’ approach helps to build strong and successful companies and support businesses every step of the way. Midven continues to extend its reach to invest in the Midland’s most ambitious entrepreneurs through its recent appointment to manage the £35 million equity portion of the Midlands Engine Investment Fund (MEIF), as well as the launch of the firm’s first Enterprise Investment Scheme (EIS) fund. For more information about Midven, please visit www.midven.co.uk. Midven was acquired by Future Planet Capital in April 2021.
About Future Planet Capital
Future Planet Capital Limited is a global venture capital and impact investor, connecting the world’s largest investors to the best minds in order to address global challenges. The firm is focused on providing growth capital to leading entrepreneurs and businesses from the world’s top universities and has deployed over $100M on behalf of institutional investors to date. Future Planet Capital’s goal is to profitably solve the world’s greatest challenges in climate change, education, health, sustainable growth & security. For more information about Future Planet please visit www.futureplanetcapital.com.
About the Midlands Engine Investment Fund (MEIF)
The Midlands Engine Investment Fund, supported by the European Regional Development Fund, will invest in Debt Finance, Small Business Loans, Proof-of-Concept and Equity Finance funds, ranging from £25,000 to £2m, specifically to help small and medium sized businesses secure the funding they need for growth and development.
The Midlands Engine Investment Fund is operated by British Business Financial Services Limited, wholly owned by British Business Bank, the UK’s national economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity.
The Midlands Engine Investment Fund is supported by the European Regional Development Fund, the European Investment Bank, the Department for Business, Energy and Industrial Strategy and British Business Finance Limited, a British Business Bank group company.
The MEIF covers the following LEP areas: Black Country, Coventry & Warwickshire, Greater Birmingham & Solihull, Stoke-on-Trent and Staffordshire, The Marches, and Worcestershire in the West Midlands; and Derby, Derbyshire, Nottingham & Nottinghamshire (D2N2) Greater Lincolnshire, Leicester and Leicestershire, and South-East Midlands in the East and South-East Midlands.
The project is receiving up to £78,550,000 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The programme will continue to spend to the end of 2023.
The Ministry for Housing, Communities and Local Government is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit www.gov.uk/european-growth-funding.
The European Investment Bank is providing £122,500,000 to support the Midlands Engine Investment Fund. This follows backing for the Northern Powerhouse in 2017 and backing for the newly launched North East Fund. For further information visit www.eib.org
The funds in which Midlands Engine Investment Fund invests are open to businesses with material operations in or planning to open material operations in the West Midlands and East & South-East Midlands.
The British Business Bank has published the Business Finance Guide (in partnership with the ICAEW, and a further 21 business and finance organisations). The guide, which impartially sets out the range finance options available to businesses and provides links to support available at a regional level, is available at https://thebusinessfinanceguide.co.uk
About the British Business Bank
The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to make finance markets for smaller businesses work more effectively, enabling those businesses to prosper, grow and build UK economic activity. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.
The British Business Bank’s core programmes support nearly £8bn of finance to almost 94,800 smaller businesses. Since March 2020, the British Business Bank has also launched four new Coronavirus business loan schemes, delivering almost £73bn of finance to around 1.6m businesses.
As well as increasing both supply and diversity of finance for UK smaller businesses through its programmes, the Bank works to raise awareness of the finance options available to smaller businesses. The British Business Bank Finance Hub provides independent and impartial information to businesses about their finance options, featuring short films, expert guides, checklists and articles from finance providers to help make their application a success.
In light of the coronavirus pandemic and EU Exit, the Finance Hub has expanded and it now targets a wider business audience. It continues to provide information and support for scale-up, high growth and potential high growth businesses, but now provides increased content, information and products for businesses in survival and recovery mindsets. The Finance Hub has been redesigned and repositioned to reflect this, during this period of economic uncertainty.
British Business Bank plc is a public limited company registered in England and Wales, registration number 08616013, registered office at Steel City House, West Street, Sheffield, S1 2GQ. It is a development bank wholly owned by HM Government. British Business Bank plc and its subsidiaries are not banking institutions and do not operate as such. They are not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for the group can be found at www.british-business-bank.co.uk.