Burges Salmon has advised The Electric Car Scheme (ECS), a UK-based salary sacrifice employee benefit start-up, on its recent round of £2.5 million seed funding.
ECS secured funding from Triple Point Ventures, Adjuvo, Portfolio Ventures, Ascension, Seedcamp, VOYAGERS Climate-Tech Fund and individual backers.
ECS intends to use the money raised from the funding to invest in technology and to supercharge its development, including by growing its team and reaching as many employers as possible.
Set up in June 2020 by Tom Eilon and Thom Groot, ECS allows employees (through employer arranged schemes, in a similar vein to the popular Cycle to Work scheme) to lease electric vehicles at a significantly lower cost.
Electric vehicle adoption plays a pivotal role in the transition to carbon-free transportation and urban sustainability but the process of purchasing low-carbon assets is expensive and complex for consumers. ECS offers a win-win for those employees looking at new car leasing, as it allows colleagues to lower their own environmental impact while reducing their own motoring costs.
The Burges Salmon team supporting ECS is led by the firm’s Head of Fintech, Martin Cook. ECS were advised on the transaction by director Alex Lloyd and associate Niall Mackle from the firm’s Corporate team.
Martin Cook comments: “We are pleased to have continued to support Tom, Thom and their team throughout this important funding round and believe their service offers a crucial difference for individuals choosing electric over fossil fuel cars. We wish ECS the best of luck in the future and look forward to seeing, and supporting, ECS as it continues its high growth trajectory.”