The Electric Car Scheme announces further investment as used electric vehicles growth soars 160%
The Electric Car Scheme has announced the completion of a new funding round, led by 13books Capital, on the back of exceptional year-on-year growth of 160% and a marked rise in demand for both new and used electric vehicles (EVs).
Other investors participating in the funding round include Triple Point Ventures, Seedcamp, Adjuvo, Ascension, and Bayern Kapital.
This fresh investment will be used to boost awareness of the company’s EV salary sacrifice scheme, drive product innovation, and further develop its Net Zero transition offerings. The Electric Car Scheme, which allows UK employees to access EVs affordably via salary sacrifice, has seen significant demand growth amid the reinstated 2030 Zero Emissions Vehicle (ZEV) deadline by the UK government. The scheme helps make the switch to electric cars more affordable, a crucial factor for widespread EV adoption.
Surge in used EV demand
One of the standout achievements for The Electric Car Scheme over the past year has been the exponential growth in its used EV offering, which saw a 300% increase. Used EVs now represent around half of the company’s sales, as the lower price point makes them an accessible option for many consumers. This affordability is key, especially given that 68% of Brits cite cost as the main barrier to transitioning to electric vehicles.
Thom Groot, Co-Founder and CEO of The Electric Car Scheme, highlighted the company’s mission: “This new round of investment is a huge vote of confidence not only in The Electric Car Scheme but in our impact supporting the wider transition to Net Zero emissions. The increase in used EVs has been a key enabler of employee uptake and business interest in rolling out the scheme.”
Accelerating the transition to Net Zero
The Electric Car Scheme already works with more than 1,000 companies across the UK, providing employees with savings of up to 60% on an electric car. It is estimated that the company’s efforts have reduced harmful emissions equivalent to planting over 620,000 trees. With fewer than 3% of cars in the UK currently being electric, the company remains focused on making EV adoption more affordable and accessible.
Michael McFadgen, Co-founder and Partner at 13books, expressed his support: “We are thrilled to have led the Series A for The Electric Car Scheme. Transitioning to Net Zero is one of the most important global challenges, and The Electric Car Scheme has developed a product that simplifies this journey, making leasing an electric vehicle the clear financial choice.”
The Electric Car Scheme continues to drive forward with its innovative solutions, helping both businesses and consumers transition to a greener future while contributing to the UK’s Net Zero goals.
