Electric Vehicle adoption plays a pivotal role in the transition to carbon-free transportation and urban sustainability. However, the process of purchasing low-carbon assets is expensive and complex for consumers.
We are excited to see the Electric Car Scheme, a UK-based salary sacrifice employee benefit startup, accelerate the future of sustainable urban mobility while enabling employees to make more environmentally-conscious decisions when purchasing new cars.
Set up in June 2020 by Thom Groot and Tom Eilon, who found the government’s tax incentive to help employees switch to driving electric cars and go green impossible to access, ECS allows employees to lease electric vehicles at a 30-60% lower price – all at no cost to the employer.
Since the start of the year, the salary sacrifice scheme has grown its customer base five-fold, making electric cars available across hundreds of companies. Many employees who have benefited from the scheme say that the opportunity made the difference between buying a polluting petrol or diesel car and going electric. 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.
The consistent feedback we get is that our scheme is the difference between going electric and sticking with fossil fuel cars.”
On our investment, our Managing Partner Reshma Sohoni, comments:
“Starting with electric car purchases, ECS is the catalyst for consumers to make net zero choices easily. The early customer love being shown is a testament to the need for a product like ECS. Furthermore, we think Thom and Tom have the perfect mix of operational expertise to build the company into a category leader and continue enabling the transition to net zero.”
We are excited to participate in Electric Car Scheme’s £2.5m funding round alongside Triple Point Ventures, Adjuvo, Portfolio Ventures, Ascension, Voyager, and a number of high-profile angel investors, including Henry de Zoete, Evelyn Bourke, Phil Chambers, Will Neale, and the Funding Circle co-founders Samir Desai, James Meekings and Andrew Mullinger.
With the new funding, the company plans to continue growing its team, invest in technology, and reach as many employers as possible.
For more information, visit electriccarscheme.com.