Electric vehicle leasing firm WeVee secures multi-million dollar investment

Electric vehicle leasing platform WeVee has secured $7 million of seed funding which it says will support the brand’s global expansion.

WeVEee, which launched in the UK in March 2020, announced investment from European angel investors, industry leaders and global tech entrepreneurs including Rahmyn Kress and Michael Perschke.

The company will now be launching in Germany, home of Kress and Perschke, later this year with the move aimed at supporting innovation and entrepreneurship between the UK and continental Europe. This will then be followed by WeVee’s expansion into France, Italy and Spain in 2022.

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.

Commenting on the investment, Kress 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.”

Perschke added: “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.”

Paul Fagan, founder of WeVee, spoke of the investment from Kress and Perschke. He said:  “From the very first meeting, we just clicked as a team. We share the same passion and enthusiasm for driving the shift to electric mobility.

“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.”