HAYWARD, Calif.–(BUSINESS WIRE)–Flux EV, Inc., a San Francisco Bay Area-based company offering a “total cost of ownership” electric vehicle (EV) rental product, today announced its official launch and rebranding to “Zevvy” alongside $5.4 million in seed funding. . The round was led by MaC Venture Capital, with participation from BoxGroup, MissionOne Capital, Gardner Capital’s Upward Mobility Fund, I2BF Global Ventures and Climate Capital, along with other impact and clean economy angel investors. The rebranding and funding together serve as a launch pad to expand Zevvy’s operational and technical capabilities over the next year, enabling the company to expand electric vehicle access to thousands of customers. other drivers across the state of California.
“Zevvy’s mission to provide accessibility to drivers who will benefit most from electric vehicles was imperative for us to support,” said Marlon Nichols, founding managing partner of MaC Venture Capital.“As staunch proponents of fairness and accessibility for all, Zevvy’s goals of having a meaningful impact on the auto finance industry and the affordability of electric vehicles were a perfect fit. We look forward to supporting their continued growth and witnessing in real time the transformative effect this company will have in California, the entire automotive industry and beyond.
Founded in 2021, Zevvy is disrupting the massive auto finance industry, which saw increasingly concerning trends last year, including record auto loan debt of $1.43 billion. Zevvy’s rental-by-the-mile product allows drivers to customize their terms and allows them to try an electric vehicle without the high upfront cost or long-term commitment of a loan, or hurdles such as mileage caps that accompany traditional leases and subscription services. . Zevvy customers pay a low monthly fee and only pennies for every mile driven, saving them money over what they would have spent on fuel and maintenance for a traditional gas-powered car . At the end of the lease term, they have the option of returning their EV, renewing it month-to-month, or purchasing it outright, applying all mileage charges paid to the purchase price of the car.
“The idea for Zevvy was born from my own daily travels”, said Andrew Krulewitz, founder and CEO of Zevvy. “While I was in an electric vehicle, thousands of drivers sat next to me on the highways in gas-powered cars. car, I started to think about the solutions available to help high mileage drivers like these, the ones who will benefit the most from the switch from gasoline to electric.”
“What’s particularly exciting about Zevvy is that it comes without the high upfront cost or long-term commitment of a loan — hurdles that typically prevent many from getting an EV,” said Danny Brown, partner at MaC Venture Capital and board member of Zevvy. “Customers benefit significantly from the low monthly fees, saving both money and the environment.”
The company is also supported by the State of California’s Climate Tech Finance program, administered by the Bay Area Air Quality Management District, the Northern California Financial Development Corporation and the IBank loan guarantee program, as well as the California Bank of Trade. All of these entities recognize the importance of Zevvy’s work in addressing the persistent challenge of electric vehicle affordability and serving the drivers for whom the savings from switching to electric vehicles will have the most impact.
“Reducing barriers to the adoption of electric vehicles is critical as we strive to meet our ambitious greenhouse gas reduction targets,” said Sharon Landers, acting general manager of the air district. “The Air District is thrilled to provide financial support for innovative solutions that expand access to electric vehicles and reduce our dependence on fossil fuels.”
With the majority of Americans saying they would go electric if there was price parity with gas-powered vehicles, Zevvy is poised to offer a widespread and realistic solution to mass vehicle adoption. electrical. After a pilot year with customers from San Francisco to Sacramento, the platform has proven to be a resounding success. A partnership with Uber saw thousands of drivers apply for the lease, many of whom were looking to get out of an older gas-powered car or high-cost rental. Vehicles in Zevvy’s fleet average 25,000 miles per year, and customers save hundreds of dollars each month by avoiding gas-powered vehicle fuel and maintenance costs.
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Founded in 2021 by Andrew Krulewitz, Zevvy’s mission is to make electric driving possible for many more people. Anyone who wants to drive an electric vehicle should have the option, but traditional auto loans and leases leave many without an affordable and accessible way to get one. Zevvy fixes this by helping drivers not only understand the benefits of switching to electric vehicles, especially those who can benefit the most, like high-mileage commuters and concert drivers, but also by providing an easy way to find and financing the right electric vehicle for every driver. budget and personal needs. For more information, visit: www.zevvy.com.
ABOUT MAC VENTURE CAPITAL
MaC Venture Capital is an early-stage venture capital firm based in Los Angeles and Silicon Valley that invests in technology startups by leveraging shifts in cultural trends and behaviors. General Partners represent diverse backgrounds in technology, business, politics, entertainment, and finance, allowing them to accelerate entrepreneurs to the brink of their breakthrough. The firm provides crucial hands-on support for building and scaling category-leading businesses, including operational strategy, brand building, recruiting, sales development, and critical business introductions. assignment. MaC Venture Capital is the result of a merger between Cross Culture Ventures, co-founded by Marlon Nichols, and M Ventures, co-founded by Adrian Fenty, Michael Palank and Charles D. King. Find MaC Venture Capital online at https://macventurecapital.com and @MaCVentureCap.