Independent UK law firm Burges Salmon has advised The Electric Car Scheme, a UK-based electric vehicle (EV) salary sacrifice provider on its latest funding round. The finance was made available by a consortium of investors, led by UK-based venture capital firm 13books Capital, with participation from Triple Point Ventures, Seedcamp, Adjuvo, Ascension and Bayern Kapital.
The fundraising comes on the back of an impressive year for The Electric Car Scheme which saw it deliver 160% year on year growth. The investment will accelerate the company’s ambitions to scale, helping to meet a substantial increase in demand for both its new and used EVs and increasing awareness of the benefits its innovative salary sacrifice scheme offers to consumers and businesses. The funding also allows for further investment into technology to boost product innovation and develop wider Net Zero transition offerings.
The Burges Salmon team advising on the transaction was led by associate Niall Mackle and partner Alex Lloyd with support from solicitor Manahil Qadir, all from the firm’s Corporate and M&A team. The firm has a longstanding relationship with The Electric Car Scheme and advised the business last year on an innovative asset-backed lending facility and one year prior on its £2.5 million seed funding.
Edinburgh-based Niall Mackle comments: “Having worked with The Electric Car Scheme for the past few years on a number of investments, the success of the business from start-up to scale-up is nothing short of impressive. This latest investment round is another example of the high investor confidence in the business and a recognition of the important role it plays in encouraging sustainable behaviours and championing carbon free transport. We’re confident the business will only continue to go from strength to strength.”
Thom Groot, Co-Founder & CEO of The Electric Car Scheme, adds: “We are incredibly excited to work together with our brilliant team, and forward-thinking investors to deliver on our mission to make Net Zero simpler and cheaper to become the obvious choice. We’re very grateful to Burges Salmon, the team has supported us from our early start-up stage, and we value their legal expertise immensely, which they always articulate with clarity and straightforward advice.”
Burges Salmon has a strong Corporate practice in the UK. The team is known for handling high value and complex transactions on behalf of large corporates and fast-growing companies, combining legal, transactional and sector expertise to give tailored solutions to clients. Much of the firm’s work has an international element, helping overseas clients expand into the UK and supporting UK-based businesses grow internationally.
