The Electric Car Scheme raises £2.5m in seed funding to expand its electric vehicle salary sacrifice platform
Triple Point Ventures led the seed round to support team expansion and technology investments.
The Electric Car Scheme provides a salary sacrifice employee benefit that lowers the cost of acquiring electric cars.
The Electric Car Scheme has raised £2.5m in seed funding to support its ongoing expansion and technology investments. Triple Point Ventures led the round, with participation from Adjuvo, Portfolio Ventures, Ascension, Seedcamp, and the VOYAGERS Climate-Tech Fund. A group of prominent angel investors also contributed to the financing.
Founded in London in 2020, the company operates a salary sacrifice scheme that allows employers to offer electric vehicle leases at a reduced cost. The fresh capital will be deployed to expand the team and develop its technology platform as demand for greener transport alternatives grows.
From the founder
"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."
Thom Groot
Co-Founder and CEO at The Electric Car Scheme
Investor perspective
"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."
Manuel Antunes
Investor, Triple Point
Use of funds
- 01Grow the team
- 02Build out infrastructure
Investors
About the company
The Electric Car Scheme
The Electric Car Scheme makes leasing electric vehicles more affordable through salary sacrifice.