WeVee has announced a $7 million seed funding to support its global expansion.
The first fully integrated electric vehicle leasing platform is going global. The company is now valued at $14 million after its last investment injection to support the expansion of the e-mobility lifestyle platform allowing it to broaden its service lines.
The EV price comparison and leasing platform, which attracts up to 100,000 UK visitors per month, has taken its first steps towards becoming a global e-mobility lifestyle platform and marketplace, after closing a pre-seed round last week by a line-up of top European investors, industry leaders and global tech entrepreneurs.
WeVee will first be launching in Germany later this year in a move that, according to the company, is designed to support innovation and entrepreneurship between the UK and continental Europe, unhindered by Brexit. This will then be followed by WeVee’s expansion into France, Italy and Spain in 2022.
In a move fuelled by the growth of the electric vehicle market across the globe, the current seed investment round will bring WeVee’s combined valuation to over $40 million.
The platform’s offering will also diversify to include commercial vehicles, motorbikes, and scooters as well as related services including insurance. WeVee’s range already includes more than 50 models across 30 brands, from household names like Tesla, Mercedes and Jaguar to insurgent brands including Polestar and Rivian. Its best sellers are the Tesla Model 3, Audi e-Tron, and Jaguar I-Pace.
Many European countries witnessed a double-digit growth rate in EV sales in 2020. The European market captured around 43% of the global EV sales in 2020, compared to 26% in 2019 and the platform wants to be at the forefront of this electric revolution, according to Former Chief Digital Officer at Henkel and entrepreneur Rahmyn Kress.
“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,” he said. “There’s no better foundation to build this on than what WeVee has designed for EV leasing.”
Paul Fagan, who has 20 years of senior experience in auto leasing, founded WeVee to serve those who want simple and affordable access to the full range of EVs.
“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,” he said. “We launched WeVee to bring all options into one place, letting customers browse, compare and shop with ease.”