THE Electric Car Scheme, which specialises in salary sacrifice, has just announced the closing of a new funding round on the back of strong year-on-year growth.
The latest funding round is led by 13books Capital, and includes participation from Triple Point Ventures, Seedcamp, Adjuvo, Ascension and Bayern Kapital following significant increases in demand for both new and used EVs.
The Electric Car Scheme says it has grown by 160% over the past year and will use the new funding to further increase awareness of the benefits of its EV salary sacrifice scheme, drive product innovation and to develop its wider Net Zero transition offerings.
The investment in the business comes as the UK government reinstates the 2030 ZEV deadline, increasing the urgency to drive uptake of EVs in the UK.
The Electric Car Scheme says salary sacrifice already makes up a significant proportion of market demand and offers UK employees easy and more affordable access to an electric car.
Over the last year, the company’s used EVs offering has proven popular and grown by 300%. The lower price point of used EVs through salary sacrifice makes the switch to EVs much more affordable, which is the key to EV adoption, says The Electric Car Scheme. Used EVs now make up around half of The Electric Car Scheme’s sales.
Co-Founder and CEO of The Electric Car Scheme, Thom Groot said:
“This new round of investment is a huge vote of confidence not only in The Electric Car Scheme, but the company’s impact in supporting the wider transition to Net Zero emissions. We are incredibly excited to work together with our brilliant team, and forward-thinking investors to deliver on our mission to make Net Zero simpler and cheaper to become the obvious choice.
“The past year has been a period of fast growth for the company. The increase in used EVs in the market has proved to be a key enabler to increased employee uptake, and in turn, business interest in rolling out the scheme.
“However, we are still at the start of this major transition (as fewer than 3% of cars in the UK are EVs), and there is much work still to be done to make the switch to Net Zero products such as EVs more affordable and the no-brainer decision it should be for people.”
Michael McFadgen, Co-founder and Partner at 13books commented:
“We are thrilled to have led the Series A for The Electric Car Scheme. Transitioning to Net Zero stands as one of the most important global challenges but finding effective ways to contribute can be daunting.
“The team at The Electric Car Scheme has developed an innovative product that simplifies this journey, making leasing an electric vehicle the clear financial choice. This solution not only advantages companies and consumers, but also champions a healthier planet for all.”
Recently The Electric Car Scheme partnered with OVO to deliver more affordable charging solutions to customers.
JOIN THE DISCUSSION
Why not join the conversation on SME fleets – visit our LinkedIn SME Fleet Discussion page
