Electric car subscription platform Elmo has secured a £2 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 offers a ‘total cost of ownership’ and net zero subscription service online, exclusively for electric cars with a focus on customer service.
The single monthly payment covers all associated costs, including insurance and ‘fuel’. Oliver Jones, co-founder of Elmo said: “We’ve seen an astonishing growth in interest since launch in February this year.
“Growing consumer awareness of 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.”
Elmo closed a £350k pre-seed round in September 2019, won an innovation grant from the Department for Transport in January 2020, were selected for the inaugural Tech Nation Net Zero cohort in September 2020 and won an Innovate UK COVID grant in November 2020.
These funds are for developing Elmo’s technology and building partnerships to bring its bundled electric car subscription service to market.