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WEVEE ANNOUNCES $7M SEED FUNDING TO SUPPORT GLOBAL EXPANSION

WeVee, the first fully-integrated electric vehicle leasing platform, which
launched in the UK (home to Cazoo, Cinch and Carwow), is now valued at
$14million after its latest investment injection to support the global
expansion of the eMobility lifestyle platform, allowing it to broaden its
service lines.

The EV price comparison and leasing platform, which launched in March 2020
to support fast growing demand for electric vehicles, and attracts up to
100,000 UK visitors per month, has taken its first steps towards becoming a
global e-mobility lifestyle platform and marketplace, after closing a
pre-seed round last week by a line-up of top European angel investors,
industry leaders and global tech entrepreneurs.

The backing for worldwide expansion and diversification was orchestrated by
German-born international business leaders, Rahmyn Kress and Michael
Perschke, who join WeVee Founder Paul Fagan as co-founders and board members
to drive the platform’s global expansion and operations in all markets
beyond the UK.

WeVee will first be launching in Germany later this year in a move which,
according to Kress, is designed to support innovation and entrepreneurship
between the UK and continental Europe, unhindered by Brexit. Kress and
Perschke bring the necessary connections to Europe’s leading players in the
automotive sector, as well as to a collective of European leaders and
collaborative industry partners. This will then be followed by WeVee’s
expansion into France, Italy and Spain in 2022.

In a move fuelled by the growth of the electric vehicle market across the
globe, the current seed investment round will bring WeVee’s combined
valuation to over $40million. The platform’s offering will also diversify to
include commercial vehicles, motorbikes and scooters as well as related
services including insurance.

WeVee prides itself on offering motorists the most comprehensive range of
vehicles, price comparisons and finance packages – along with independent
advice and guidance when choosing an electric car. Its range spans more than
50 models across 30 brands, from household names like Tesla, Mercedes and
Jaguar to insurgent brands including Polestar and Rivian. Its best sellers
are the Tesla Model 3, Audi e-Tron, and Jaguar I-Pace.

Founded by leasing entrepreneur Paul Fagan, who has 20 years’ experience in
the UK leasing industry, the platform has seen a huge surge in appeal rooted
in its B-to-B-to-C business model, which helps company car drivers
capitalise on salary sacrifice schemes that can lower motoring costs by
half. From April 2020, zero emission cars pay 0% company car tax, with the
UK Government having committed to freezing rates at between 1-2% for the
next five years.

Many European countries witnessed a double-digit growth rate in EV sales in
2020. The European market captured around 43% of the global EV sales in
2020, compared to 26% in 2019. Overall sales of plug-in vehicles reached
3.24million units, compared to 2.26million in 2019 and annual sales are
projected to cross the five million mark by the end of 2025, accounting for
15% of overall vehicles.

Former Chief Digital Officer at Henkel and experienced entrepreneur Rahmyn
Kress has dedicated his last 18 months in purpose-driven investment through
HumanCapitalNetworkR. He 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.”

Michael Perschke is a recognised leader in the automotive industry,
including past senior roles at Mercedes, Audi and Mitsubishi. More recently,
he was the founder and CEO of Automobili Pininfarina, the first sustainable
luxury car brand, and has been an angel investor in the sustainable
transport and technology sectors.

He said: “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, who has 20 years of senior experience in auto leasing, founded
WeVee to serve those who want simple and affordable access to the full range
of EVs.
He said: “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.”

Fagan says he is thrilled that Kress and Perschke saw the opportunity to
take his original vision to a broader market and bigger vision: “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.”

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