EV Finance Startup Zevvy’s $5.4M Seed Round: Read the Pitch Deck
- Zevvy is an auto financing startup looking to make EVs more affordable.
- It’s offering potential EV drivers shorter leases, pay-per-mile terms.
- Check out the 11-page pitch deck it used to raise $5.4 million for its next expansion.
An auto financing startup out of the Bay Area is aiming to change the way people finance their electric vehicles.
Zevvy is a newly launched vehicle leasing company that offers short-term and pay-per-mile leases designed to make EVs — which are getting cheaper but even the most affordable are still some $10,000 more expensive than comparable gas-powered rides — more affordable. Lease terms for Zevvy’s vehicles, mostly Teslas and Chevrolet Bolt EVs the company acquires used from dealer lots and wholesale markets, start at six months, giving EV-curious drivers an opportunity to test out battery power without making a long-term commitment.
Customers can either pay a flat monthly fee or can opt to pay “a few cents” for every mile driven at the end of each month, according to the company. At the end of the lease term, drivers can return the electric vehicle, renew their lease on a monthly basis, or buy it outright, applying the mileage fees paid to the purchase price.
“If the only way to figure out that an EV is right for you is to buy one, that’s a huge leap of faith for people,” Zevvy founder Andrew Krulewitz told Insider.. “If you can save money with an EV based on how much you’re driving, then we should put you in an EV.”
Zevvy, founded in 2021 as Flux EV, just finished 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 slated to support Zevvy’s operational and technical growth over the next year, according to the company. After a yearlong pilot in northern California, the company is looking to expand statewide in the short term, with aspirations to grow its business nationally in the longer term.
Here’s the 11-slide pitch deck that sold Zevvy’s new investors on its vision for the future of financing electric vehicles.