The Electric Car Scheme

The Electric Car Scheme has announced the closing of a new funding round on the back of strong year-on-year growth and significant increases in demand for both new and used EVs.

The latest funding round is led by 13books Capital and includes participation from Triple Point Ventures, Seedcamp, Adjuvo, Ascension and Bayern Kapital.

Over the past year, the company has grown significantly, and it will use the funding to further increase awareness of the benefits of its innovative EV salary sacrifice scheme, drive product innovation and develop its wider Net Zero transition offerings. The Electric Car Scheme has grown by 160% in the last year as more people make the transition to electric cars.

The investment comes as the UK government reinstates the 2030 ZEV deadline, increasing the urgency to drive the uptake of EVs in the UK, of which salary sacrifice already makes up a significant proportion of market demand. The Electric Car Scheme offers UK employees easy and more affordable access to an electric car through salary sacrifice. This drastically speeds up the transition to Net Zero by improving affordability and making it simple to get into an electric car. Over the last year, the company’s unique used EV offering has proven tremendously popular and grown by 300%. The lower price point of used EVs through salary sacrifice makes the switch to EVs much more affordable, the key to EV adoption – with 68% of Brits saying the cost is the main barrier to driving electric. Used EVs now make up around half of The Electric Car Scheme’s sales. The Electric Car Scheme already works with more than 1,000 companies to deliver savings to their employees of between 20-50% on an electric car of their choice. It is estimated that the company has reduced as many harmful emissions as one would planting more than 620,000 trees