Electric vehicle subscription business Voltric 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.
Founded by chief executive Julian Mensah and co-founder and COO Brent Oldfield in Bristol in 2019, Voltric has already secured significant pre-seed investment from a syndicate of eight business angels including 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.
Voltric is now working with automotive manufacturers MG UK, Kia UK, Fiat, Tesla and Mercedes among others. Additional dealer partners include Fish Brothers, Richmond Motor Group and DSG Morecambe. Further partnerships are also due to be announced as the company scales up its mobility offering, creating a true MaaS (mobility-as-a-service) platform. This will allow users access to a host of solutions for their transport needs.
Julian Mensah 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.”
Lead investor Eamon Tuhami 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.”
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.”
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.
Capital Law represented Angels Invest Wales and the angel syndicate. Melissa Sikwila acted for Voltric.