Van subscription provider DriveSimple has secured £1.5 million in fresh investment, lifting its cumulative funding to £4.5 million. Calm Media Investments spearheaded the latest financing effort, while prior investors also contributed.
The company has also appointed Andrea Romano as its new chief executive officer. DriveSimple aims to provide new vans to tradespeople, delivery operators, and SMEs through a flexible subscription model.
Growth Plans
The announcements come as DriveSimple prepares to accelerate its growth across the UK. The company offers vans for a minimum of six months, with a three-month break clause, and a pricing model that includes servicing and maintenance.
Vans can be delivered within five days, and the company uses a proprietary AI-powered customer vetting and underwriting engine to speed up customer assessments. This allows DriveSimple to consider customers who may be declined by other lenders or face lengthy assessment processes.
Expansion and Technology
DriveSimple currently has around 500 vehicles on its fleet and plans to introduce electric vehicles (EVs) as part of its expansion. Andrea Romano said the new funding will be used to make the company’s technology more robust and give customers the flexibility they need without compromising on data security.
According to Romano, the company’s technology is not just about making an existing process more efficient, but about changing the economics of the model. By automating and improving underwriting, DriveSimple can make faster, more consistent decisions and serve customers who are poorly served by traditional processes.
This approach gives the company the ability to scale its subscription model rather than simply running a fleet business.
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