- The Electric Car Scheme secures new investment to accelerate growth to meet increased demand for both new and used EVs
- Investment round led by 13books Capital, with co-investment from Triple Point Ventures, Seedcamp, Adjuvo, Ascension and Bayern Kapital
- The company says its fast-growing used EV offering is driving a significant increase in uptake of the salary sacrifice scheme
SALARY sacrifice specialist The Electric Car Scheme has announced the closing of a new funding round on the back of strong year-on-year growth. and significant increases in demand for both new and used EVs.
The latest funding round is led by 13books Capital, and includes participation from Triple Point Ventures, Seedcamp, Adjuvo, Ascension and Bayern Kapital.
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 launch of its used EVs offering has been popular and grown by 300%. Used EVs now make up around half of The Electric Car Scheme’s sales.
“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.”
Groot went on to say that used EVs had pushed employee take up of salary sacrifice thanks to the lower rentals which has also increased business interest in 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,” he added.
Michael McFadgen, Co-founder and Partner at 13books said that it was delighted 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.”
The salsac specialists recently teamed up with OVO to offer lower cost electric charging, as well as renewing its partnership with Gateway2Lease for a further five years.
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Ralph Morton is the leading journalist in the leasing broker sector and editor of Broker News, the website which provides information and news for BVRLA-registered leasing brokers. He also writes extensively on the fleet and leasing market in both the UK and Europe.
