Elmo, who are an electric car subscription platform, have secured a £2 million (€2.2million/$2.7 million) financing deal to scale its net zero-emission car fleet. The funds have come from venture development firm System-Two and automotive retailers Greenhous Group.
Elmo’s mission is to get everyone driving electric cars so that technology can benefit all while helping to create a cleaner planet. They offer a ‘total cost of ownership’ and net-zero subscription service online, which is exclusively for electric cars.
With Elmo’s subscription service the single monthly payment covers all associated costs with owning a car. This includes comprehensive insurance, service and maintenance, breakdown cover, road tax and a carbon offset donation. For example, a Renault ZOE ZE50 can be hired for just £379 (€410/$515) per month all-inclusive.
Since launching Elmo have been hugely successful and closed a £350,000 pre-seed round in September 2019 and won an innovation grant from the Department for Transport in January 2020. The company was also selected for the inaugural Tech Nation Net Zero cohort in September 2020 and won an Innovate UK COVID grant in November 2020.
The funds from the latest financing deal are for developing Elmo’s technology and building partnerships to bring its bundled electric car subscription service to market.
Oliver Jones, co-founder of Elmo, said: “We’ve seen an astonishing growth in interest since launch in February this year. Growing consumer awareness and interest in electric cars, combined with our flexible and digital offering has created the perfect storm.
“This has been further supported by increasing customer confidence in making large purchase decisions online as a result of Covid. We expect this trend to accelerate in 2021 and beyond as we work towards our key milestone of helping 30,000 people switch to an electric car by 2024.”