British electric vehicle leasing company WeVee has closed a seed financing deal of seven million dollars. The company intends to use the investment to finance its expansion into continental Europe.
Launched in March 2020, WeVee already offers a broad range of electric cars and describes itself as the “first fully integrated electric vehicle leasing platform.” Available vehicles include more than 50 models from 30 brands, such as Tesla, Mercedes and Jaguar, as well as emerging brands including Polestar and Rivian.
“With battery technology changing so rapidly and new car prices fluctuating, being an electric vehicle owner is risky. But so many people want to be part of the e-revolution. We’re making that happen,” said WeVee founder Paul Fagan, a stalwart of British leasing industry.
With the income from the financing, WeVee says it will expand into Germany over the course of the year, followed by France, Italy and Spain in 2022. The platform’s range of vehicles will also expand to include commercial vehicles, motorcycles, scooters and related services.
German investors Rahmyn Kress and Michael Perschke came on board as co-founders and board members in the pre-seed financing stage.
“We are building WeVee to be the Airbnb of e-mobility,” said Kress, a former Chief Digital Officer at Henkel. “The future of transportation is electric, and we will be the first solution for anyone who wants easy access to transportation they know is clean and good for society.”
Perschke, previously co-founder and CEO of the Pininfarina Automobili brand adds, “WeVee is set to become a real game-changer – we will help companies provide easy and cost-effective e-mobility solutions to their employees, as well as tracking and improving their carbon footprint.”
The leasing industry is being increasingly viewed as a useful way to boost the second-hand market for electric vehicles and quickly get zero-emission vehicles onto the road.
Sandra Roling from The Climate Group’s EV100 initiative that encourages companies to pledge to transition their fleets off fossil fuels , sees great potential in leasing companies, “They work towards a long-term vision and they have a lot of impact in terms of educating customers, and leasing companies are able to purchase vehicles in bulk,” said Roling.
The completed financing, in which other investors also participated, values the company at £10.1 million.