- Employee benefit scheme allowing companies to offer 30-60% saving on electric car celebrates second year in operation, reporting enormous growth of 500% in companies signed since the start of 2022.
- New round of investment attracts £2.5m from VC funds and top Angels, allowing company to super-charge its impressive growth trajectory.
- Carbon emissions reduction equivalent to 100,000 new trees already attained.
The Electric Car Scheme is celebrating a successful year to date with huge growth and new investment.
Since January the salary sacrifice scheme has grown its customer base five-fold, by offering employees the opportunity to save 30 to 60% on electric car leases – all at no cost to the employer.
It has attracted £2.5m in growth investment from top VC funds, including Triple Point Ventures, Adjuvo, Portfolio Ventures, Ascension and the VOYAGERS Climate-Tech Fund.
Existing investors Seedcamp and a number of Angel investors including Henry de Zoete (Look After My Bills), Evelyn Bourke, Phil Chambers (Peakon), Will Neale and the Funding Circle co-founders Samir Desai, James Meekings and Andrew Mullinger also participated in the round.
The company offers people easy and more affordable access to an electric car through their employers, in a similar vein to the popular Cycle to Work scheme.
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 polluting petrol or diesel car. The company estimates it has reduced as many harmful emissions as one would planting more than 100,000 trees – and it’s just getting started.
Co-Founder and CEO of The Electric Car Scheme, Thom Groot says:
“We are ecstatic that so many companies are recognising how easy it can be to offer their employees a great perk and bring down emissions – all at no cost. It’s a real no-brainer.”
“Across the hundreds of companies who have signed up so far, only one employee had already switched to electric cars. Every other person would have bought or leased a polluting petrol or diesel car instead, adding to the UK’s emissions for years to come.”
“The consistent feedback we get is that the 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 Anthunes, Investor at Triple Point Ventures says:
“The Electric Car Scheme is on a mission to create a world where everyone can make the positive choice towards net zero. They have created a scheme that makes it a ‘no brainer’ decision – removing any barriers and making the choice much more affordable.
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.”