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EV sales on the rise: London-based WeVee raises £5M funding

WeVee

In 2020, many European countries witnessed a double-digit growth rate in the sales of electric vehicles. As a result, the European market captured around 43% of the global EV sales last year, which is higher than 26% in 2019. It is projected that the overall sales of EVs will cross the five million mark by the end of 2025, which accounts for 15% of the overall vehicles.

With this growth, several EV startups are also growing. One such startup is the WeVee, a London-based fully-integrated electric vehicle price comparison and leasing platform. Now, the company has announced that it secured $7 million (nearly £5 million) in seed funding. With this round, the company is now valued at $14 million.

Expansion beyond the UK

WeVee got the 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.

Eventually, WeVee will be launching in Germany later in 2021 to support innovation and entrepreneurship between the UK and Europe sans any hindrance by Brexit. It will establish connections with leading automotive players in Europe. Following Germany, the EV leasing platform will also expand into France, Spain, and Italy in 2022.

Following the current seed funding round, WeVee’s offering will include commercial vehicles, scooters, and motorbikes as well as related services such as insurance. With this round, the combined valuation of the company will be over $40 million.

Rahmyn Kress, the former Chief Digital Officer at Henkel said: “We are building WeVee to be the Airbnb of e-mobility. The future of transportation is electric, and we will be the first solution for anyone who wants easy access to transportation they know is clean and good for society. There’s no better foundation to build this on than what WeVee has designed for EV leasing. This “change of gear” gives great momentum towards the mobility transformation needed. We are crossing the UK border and crossing it fast, in a way that no other predecessor in the sector has ever done before.”

Michael Perschke is a recognised leader in the automotive industry, including past senior roles at Mercedes, Audi and Mitsubishi said: “WeVee is set to become a real game changer – if we build out the model as we intend to, we will help companies provide easy and cost-effective e-mobility solutions to their employees, as well as tracking and improving their carbon footprint.”

Founder of WeVee, Paul Fagan with 20 years of senior experience in auto leasing, said: “Making the switch to electric should be easy, not hard, and while leasing isn’t new, there was simply nowhere for customers to go for EVs. We launched WeVee to bring all options into one place, letting customers browse, compare and shop with ease. Given the pace of change of battery technology and fluctuating new car prices it’s risky to be an asset owner of an electric vehicle. But so many people want to be part of the e-revolution. We are making that happen.”

Growth amidst pandemic

Launched in March 2020 to support the fast-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 e-mobility lifestyle platform and marketplace with the pre-seed round.

WeVee offers motorists the most comprehensive range of vehicles, price comparisons, and finance packages. Also, it will offer independent advice and guidance when choosing an electric car. Its range spans more than 50 models across 30 brands including premium brands such as Tesla, Mercedes and Jaguar and insurgent brands including Polestar and Rivian. As per the company, its bestsellers are the Tesla Model 3, Audi e-Tron, and Jaguar I-Pace.