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Zevvy Announces Its Official Launch Alongside $5.4M in Seed Funding to Offer a D2C Consumer Financing Platform for Electric Vehicles
Zevvy—formerly Flux EV—offers the industry’s only short-term, pay-per-mile electric vehicle lease designed to save consumers money with every mile they drive
HAYWARD, Calif., October 26, 2022-- Flux EV, Inc., a San Francisco Bay Area-based company with a 'total cost of ownership’ electric vehicle (EV) lease product, today announced its official launch and rebranding to ‘Zevvy’ alongside $5.4M 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, as well as other leading impact and clean economy angel investors. The rebranding and funding together serve as the launchpad toward growing Zevvy’s operational and technical capacities over the next year, thereby allowing the company to expand access to EVs to thousands more drivers across the state of California.
“Zevvy’s mission to provide accessibility to drivers that will benefit the most from EVs was imperative for us to support,” said Marlon Nichols, founding managing partner at MaC Venture Capital.“ As firm believers in providing equity and accessibility to all, Zevvy’s goals of significantly impacting the auto finance industry and EV affordability was a clear fit. We look forward to supporting their continued growth and watching in real time the transformative effect this company will have in California, the entire auto industry, and beyond.”
Founded in 2021, Zevvy is interrupting the massive auto finance industry—which saw increasingly concerning trends last year, including a record-high $1.43T in auto loan debt. Zevvy’s pay-by-the-mile lease product allows drivers to customize their terms and enables them to try an EV without the high initial cost or long-term commitment of a loan, or barriers like mileage caps that come with traditional leases and subscription services. Zevvy customers pay a low monthly fee and only a few cents for every mile they drive, saving money compared to what they would have spent on fuel and maintenance for a traditional gas car. When the lease term is up, they have the option to return their EV, renew it month-to-month, or buy it outright, applying all mileage fees paid to the purchase price of the car.
“The idea for Zevvy was born out of my own daily commute,” said Andrew Krulewitz, founder and CEO of Zevvy. “While I was in an EV, thousands of drivers sat next to me on the freeways in gas cars. With gas prices on the rise and both super-commuting and gig driving becoming more common, I started thinking through what solutions were available to help high-mileage drivers like these—the ones who will benefit most from making the switch from gas to electric.”
“What’s particularly exciting about Zevvy is that it comes without the high initial cost or long-term commitment of a loan—barriers that typically hinder many from getting an EV,” said Danny Brown, partner at MaC Venture Capital and Zevvy board member. “Customers significantly benefit 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 that is administered by the Bay Area Air Quality Management District, Northern California Financial Development Corporation, and the IBank Loan Guarantee Program, as well as California Bank of Commerce. All of these entities recognize the importance of Zevvy’s work in tackling the persistent challenge of EV affordability and serving drivers for whom the savings of switching to electric vehicles will be most impactful.
“Reducing barriers to electric vehicle adoption is critical as we work to reach our ambitious greenhouse gas reduction goals,” said Sharon Landers, interim executive officer of the Air District. “The Air District is excited to provide financial support to innovative solutions that both expand access to EVs and reduce our reliance on fossil fuels.”
With the majority of Americans stating they would make the switch to electric if there were price parity with gas-powered vehicles, Zevvy is poised to offer a widespread, realistic solution to mass EV adoption. After a year-long pilot with customers from San Francisco to Sacramento, the platform has proven to be a resounding success. A partnership with Uber has seen thousands of drivers apply for the lease, many of whom had been looking to get out of an older gas car or a high-cost rental. Vehicles in Zevvy’s fleet average 25,000 miles driven per year, and customers save hundreds of dollars each month by avoiding the fuel and maintenance costs of gas-powered vehicles.
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Founded in 2021 by Andrew Krulewitz, Zevvy’s mission is making driving electric possible for way more people. Anyone who wants to drive an EV should have the opportunity, but traditional auto loans and leases leave many without an affordable, accessible way to get one. Zevvy fixes that by helping drivers not only understand the advantages of switching to EVs—especially those who can benefit the most, like high-mileage commuters and gig drivers—but also by providing an easy way to find and finance the right EV for each driver’s personal budget and needs. For more information, visit: www.zevvy.com.
ABOUT MAC VENTURE CAPITAL
MaC Venture Capital is a seed-stage venture capital firm based in Los Angeles and Silicon Valley that invests in technology startups leveraging shifts in cultural trends and behaviors. The general partners represent diverse backgrounds in technology, business, politics, entertainment, and finance, allowing them to accelerate entrepreneurs on the verge of their breakthrough moment. The firm provides hands-on support crucial for building and scaling category-leading companies, including operations strategy, brand building, recruiting, sales development, and mission-critical introductions. 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.