Company electric car scheme launches funding round to accelerate growth

A new employee benefit initiative, The Electric Car Scheme, has announced an initial funding round to accelerate growth.

The high-profile investors include backing from Europe’s leading early investor Seedcamp and top angel investors including Tom Blomfield (Monzo), Henry de Zoete (Look After My Bills), Michael Pennington (Gumtree), SPWOne (Sir Peter Wood’s investment vehicle), Evelyn Bourke, Charles Delingpole (ComplyAdvantage), Phil Chambers (Peakon) and Samir Desai, James Meekings and Andrew Mullinger (Funding Circle).

The company, which has seen signifcant demand since its launch earlier this year, 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.

This new staff benefit is a UK Government tax incentive and works via a salary sacrifice scheme. This ends up saving employees between 30-60% on an electric car of their choice. On the scheme, employees can make savings on the full range of electric cars available on the market across lease providers.

Co-founder and CEO of The Electric Car Scheme, Thom Groot says: “We are delighted to be backed by top-notch investors to help us deliver our mission of making it a ‘no brainer’ decision for everyone to switch to driving electric, at an affordable cost.

“More than 80% of employees in the UK want their next car to be an electric car, and The Electric Car Scheme now makes this affordable through salary sacrifice.We’ve designed this with both the employer and employee in mind, so staff can drive new, electric cars at a 30-60% saving, without creating a net cost or risk for their company.

“As a country we need to transition to Net Zero as soon as possible. Companies and employees play a key part in this. The first priority is tackling the emissions from our cars. We are delighted to partner with top-notch investors to deliver on our mission of making it a ‘no brainer’ decision for everyone to switch to driving electric, at an affordable cost.”