Prova, one of the world’s leading cleantech communications consultancies, has further grown its investment portfolio with an equity stake in CarCloud, the free app that helps users manage their personal and business motoring. The app exceeded its investment target in less than 72 hours.
CarCloud makes the administration of a personal or business vehicle easier than checking your bank balance, while also helping to find the best insurance and finance deals. It also assists the corporate community in ensuring grey fleet compliance, with more than 90% of business miles now undertaken in privately-owned vehicles.
Ed Willmott, director at Prova, is delighted with the agreement and noted: “Over the past decade, Prova has built an impressive portfolio of investments across the sustainability and technology sectors, in the main from our own communications client base. It’s an exciting time for us as we look towards our first exits – and we’re delighted to add CarCloud to our roster.”
He continued; “Given the calibre of the team assembled at CarCloud by its parent company PaceCloud, we are looking forward to seeing the brand grow. Alongside investing in the company, we are committed to playing a driving role in its strategic reputation and future progression.”
Geoff Turral, co-founder of CarCloud and previously MD of Porsche UK, said: “We’re thrilled to welcome Prova to the CarCloud family. The strategic approach of the team, alongside their creative flair and clear thinking, makes them a perfect partner, both from a communications perspective and as a valued investor.”