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UK startup which helps get best lease on electric cars drives away with £2.5M funding

The Electric Car Scheme team
Image credits: The Electric Car Scheme

As there is a massive transition towards electric vehicles, there are companies that help make this switch more affordable. Some of these startups include Carla, the Cazoo of electric cars, and Upway, the Amazon of refurbished electric bikes. In the meantime, UK-based The Electric Car Scheme, a salary sacrifice employee benefit that allows employees to save 30-60% on electric cars purchase, has bagged £2.5 million in seed funding.

This investment came from Triple Point Ventures (which backed, Veremark, and Modo Energy recently), Adjuvo, Portfolio Ventures, Ascension, Seedcamp, and the VOYAGERS Climate-Tech Fund. 

In addition, a slew of high-profile Angel investors, including Henry de Zoete (Look After My Bills), Evelyn Bourke, Phil Chambers (Peakon), Will Neale, and Funding Circle co-founders Samir Desai, James Meekings, and Andrew Mullinger participated in the round. 

Builds up on growth 

The Electric Car Scheme will use the fresh funding to supercharge its huge growth trajectory. The startup offering a flexible subscription service to electric cars is already hiring despite the upcoming recession. 

Since January 2022, the startup has grown its customer base five-fold, offering employees the opportunity to save largely on electric car leases at no cost to the employer. The company offers people easy and more affordable access to an electric car through their employers.

Co-Founder and CEO of The Electric Car Scheme, Thom Groot said, “We consistently hear feedback that our scheme is the crucial difference between going electric and sticking with fossil fuel cars. This new funding will allow us to continue growing our team, invest in technology, and reach as many employers as possible. We hope these figures will look tiny by this time next year.”

Manuel Antunes, Investor at Triple Point Ventures, said, “Thom and the team at The Electric Car Scheme are making huge strides helping UK businesses decarbonise – and offer an attractive perk to their employees. As a nation, we need to do all we can to reach net-zero, but all too often the paths to do this are cost-prohibitive and complex to navigate. “The Electric Car Scheme shows this does not always have to be the case. We’re delighted to be involved and help the scheme grow.”

Switch to electric cars made easy!

The Electric Car Scheme was founded by Thomas Groot and Tom Eilon in 2020 in London. The startup works with a wide range of car lease companies to find the best lease on the market for each car. Also, it makes it easy to switch to electric cars by reducing the cost by 30 to 60%. 

Electric cars through the scheme are now available across hundreds of companies, with many employees stating that this scheme was vital in their decision to go electric rather than buying a petrol or diesel car that leads to pollution. As per the company, it has reduced harmful emissions equivalent to planting more than 100,000 trees, and it is just the beginning. 

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