Electric vehicle sales on the rise: London-based WeVee raises £ 5million in funding
In 2020, many European countries saw double-digit growth in sales of electric vehicles. As a result, the European market captured around 43% of global electric vehicle sales last year, which is over 26% in 2019. Global electric vehicle sales are expected to cross the five million mark. by the end of 2025, which represents 15% of all vehicles.
With this growth, several EV startups are also developing. One of those startups is WeVee, a fully integrated electric vehicle rental and price comparison platform based in London. Now the company has announced that it has secured $ 7million (almost £ 5million) in seed funding. With this round, the company is now valued at $ 14 million.
Expansion beyond the UK
WeVee has secured investment from German international business leaders Rahmyn Kress and Michael Perschke, who join WeVee founder Paul Fagan as co-founders and board members. They will focus on driving the platform’s global expansion and operations in all markets beyond the UK.
Ultimately, WeVee will launch in Germany later in 2021 to support innovation and entrepreneurship between the UK and Europe without any Brexit hindrance. It will establish connections with the main automotive players in Europe. After Germany, the electric vehicle rental platform will also expand to France, Spain and Italy in 2022.
Following the current seed funding round, WeVee’s offering will include utility vehicles, scooters and motorcycles as well as related services such as insurance. With this round, the combined valuation of the company will be over $ 40 million.
Rahmyn Kress, former Chief Digital Officer at Henkel, said: “We are building WeVee to become the Airbnb of e-mobility. The future of transport is electric, and we will be the first solution for all those who want easy access to transport that they know is clean and good for society. There is no better foundation on which to build this than what WeVee has designed for electric vehicle rental. This “shift in speed” gives a great impetus to the necessary transformation of mobility. We are crossing the UK border and crossing it quickly, in a way no other predecessor in the industry has ever done before. “
Michael Perschke is a recognized leader in the automotive industry, who has held leadership positions at Mercedes, Audi and Mitsubishi, among others: “WeVee is about to be a game changer. If we build the model the way we want, we’ll help companies deliver simple, cost-effective e-mobility solutions to their employees, as well as tracking and improving their carbon footprint.
WeVee founder Paul Fagan, with 20 years of senior experience in auto leasing, said, “Going electric should be easy, not difficult, and while leasing is not new, customers are not. simply had nowhere to go for EVs. We launched WeVee to bring all the options together in one place, making it easy for customers to browse, compare and buy. With the pace of changing battery technology and fluctuating prices for new cars, owning an electric vehicle is risky. But so many people want to be part of the e-revolution. We make it happen.
Growth during a pandemic
Launched in March 2020 to meet the growing demand for electric vehicles, WeVee attracts up to 100,000 UK visitors per month. It has taken its first steps towards becoming a global electric mobility lifestyle platform and marketplace with the pre-boot cycle.
WeVee offers motorists the most comprehensive range of vehicles, price comparisons and financing packages. In addition, he will offer independent advice and guidance when choosing an electric car. Its range spans over 50 models across 30 brands, including premium brands like Tesla, Mercedes and Jaguar and insurgent brands like Polestar and Rivian. According to the company, its bestsellers are the Tesla Model 3, the Audi e-Tron and the Jaguar I-Pace.