The Electric Car Scheme secures Series A funding led by 13books Capital to accelerate electric vehicle adoption
The Electric Car Scheme has raised a Series A round led by 13books Capital to support its electric vehicle salary sacrifice platform.
The Electric Car Scheme provides a salary sacrifice employee benefit that lowers the cost of acquiring electric cars.
The Electric Car Scheme has secured a Series A funding round led by 13books Capital, alongside participation from Triple Point Ventures, Seedcamp, Adjuvo, Ascension and Bayern Kapital. The capital injection follows a year of rapid expansion defined by 160% year on year growth and heightened demand for electric vehicle salary sacrifice schemes.
Funds raised will be allocated towards increasing awareness of the company salary sacrifice model, driving product innovation, and expanding its broader Net Zero transition offerings. The round coincides with renewed regulatory focus from the UK government regarding zero emission vehicle targets, bolstering the market for workplace vehicle leasing.
The firm has established partnerships with more than 1,000 corporate clients, while its pre-owned vehicle leasing option has experienced notable traction. Leadership intends to leverage the backing of its investor syndicate to consolidate its position in the domestic green transport market.
From the founder
"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."
Thom Groot
Co-Founder and CEO at The Electric Car Scheme
Investor perspective
"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."
Michael McFadgen
Partner, Element Ventures
Use of funds
- 01Continue product development
- 02Fund research and development
Investors
About the company
The Electric Car Scheme
The Electric Car Scheme makes leasing electric vehicles more affordable through salary sacrifice.