- Zevvy is an auto finance startup looking to make electric vehicles more affordable.
- It offers potential EV drivers shorter leases, pay-per-mile terms.
- Check out the 11-page pitch deck he used to raise $5.4 million for his next expansion.
A Bay Area auto finance startup aims to change the way people finance their electric vehicles.
Zevvy is a newly launched vehicle rental company that offers short-term, pay-per-mile leases designed to make electric vehicles – which are getting cheaper, but even the most affordable ones still cost around $10,000 more than rides gasoline engines – more affordable. Lease terms for Zevvy’s vehicles, primarily Teslas and Chevrolet Bolt EVs that the company acquires second-hand from dealerships and wholesale markets, start at six months, giving curious EV drivers the chance to test the battery power without making a long-term commitment.
Customers can either pay a flat monthly fee or choose to pay “a few cents” for each mile driven at the end of each month, according to the company. At the end of the lease term, drivers can return the EV, renew their lease on a monthly basis, or buy it outright, applying the mileage charges paid to the purchase price.
“If the only way to know an electric vehicle is right for you is to buy one, that’s a huge leap of faith for people,” Zevvy founder Andrew Krulewitz told Insider. a lot you drive, then we should put you in an EV.”
Zevvy, founded in 2021 as Flux EV, just completed a $5.4 million seed funding round led by MaC Venture Capital. The round also included participation from BoxGroup, MissionOne Capital, Gardner Capital’s Upward Mobility Fund, I2BF Global Ventures, Climate Capital and others.
The funding is intended to support Zevvy’s operational and technical growth over the next year, according to the company. After a year-long pilot project in Northern California, the company is looking to expand statewide in the near term, with aspirations to expand nationwide in the longer term.
Here’s the 11-slide pitch deck that sold new Zevvy investors on its vision for the future of electric vehicle financing.