Voltric, the electric vehicle (EV) subscription business, has announced its next seed fundraiser following an initial investment round this year. The fast-growth firm, which is seeking to increase electric vehicle driving through hassle-free, cost-effective tech-enabled solutions, has also opened offices in Newport.
The company was established in 2019 by chief executive Julian Mensah and chief of operations Brent Oldfield. Voltric’s EV subscription service offers users a hassle-free and cost-effective way to drive an EV. This is through one monthly fee, which unlike some leases and other car finance options, covers insurance, road tax, breakdown cover, maintenance and repair.
Voltric has already secured significant pre-seed investment from a syndicate of eight business angels. These include lead investor and fintech entrepreneur Eamon Tuhami. Angels Invest Wales has matched this with investment from the Wales Angel Co-Investment Fund, alongside further contributions from other private investors.
Now based at Tramshed Tech in Newport, Voltric took part in Fintech Wales’ inaugural Foundry initiative – the no-equity accelerator programme that provides mentorship and support to help incubate, accelerate and scale start-up businesses in Wales.
Further partnerships are also due to be announced as the company scales up its mobility offering, creating a true mobility-as-a-service (MaaS) platform. This will allow users access to a host of solutions for their transport needs.
Julian Mensah, Voltric chief executive, said: “Our customer-first solutions are designed to address the high cost and complexity of purchasing an EV, the abundance of harmful CO2 and NO2 in our air, and the growing demand for mobility to be practical, sustainable and efficient.
“We provide a subscription service for electric vehicles; users pay one monthly fee that covers an electric car hire, insurance, road tax, breakdown cover, maintenance, and repair. They get an electric car that fits their lifestyle from one month up to 12 months commitment with minimal hassle compared to standard leasing agreements.
“As a business, we’ve been blessed with a vast network of supportive stakeholders but the experience of taking part in Fintech Wales’ Foundry has opened up so many opportunities for us allowing us to have regular conversations with potential partners such as insurance firm Admiral.
“Now, with the backing of the Development Bank of Wales and our angel investors, we are ready to scale up from our new base in Newport. We’ll be investing in our technology and our team so that more people can drive EVs and live the journey with us.”
One of the biggest barriers to electric vehicle (EV) adoption is the cost of purchasing a new car. Monthly leasing deals, like those offered by Voltric, make driving an electric car more affordable than ever before. Plus, it’s cost-effective with tax, insurance, breakdown cover and servicing all included.
With rising fuel prices and fuel shortages, the interest in electric cars is greater than ever for good reason. Not only is leasing great value but the cost of running an electric vehicle is far cheaper and will also save you money, up to 40 per cent, on maintenance.
Eamon Tuhami, Voltric lead investor, said: “Electric car subscriptions are an important and innovative way of addressing the problems facing mobility in the UK today. Getting into an EV for the first time can be overwhelming.
“Julian, Brent, and the team want to make it as easy as possible to get people behind the wheel of an EV by matching great technology with excellent customer service. It’s a win-win for drivers and the environment which makes Voltric a very attractive investment proposition.”
The £8 million Wales Angel Co-investment Fund provides Welsh businesses with a key source of alternative finance through the encouragement of more active angel investment. The five-year fund supports the creation of angel syndicates and networks across Wales by providing loans and equity up to £250,000 to investors looking for co-investment.
Tom Preene of Angels Invest Wales added: “Voltric is an exciting MaaS business that is helping drivers to reduce costs and emissions so is a great fit for us as an impact investor with a social purpose.
“By using our Wales Angel Co-investment Fund to back early-stage investors like Eamon and this syndicate of eight business angels, we’re able to provide the initial support needed for the company to attract subsequent investment and achieve long-term sustainable success.”