Mobility-as-a-service platform elmo, which provides electric cars to consumers on flexible, monthly subscriptions, has announced the close of a £310k seed round. The round was made up of a number of angel investors and UK investment firm, Havisham Group.
Havisham Group is managed by British entrepreneur, investor, and philanthropist Lord Brownlow, who is delighted to support this promising venture from an early stage: “The way consumers think about their transport needs is changing; elmo’s subscription offering for electric cars promises to fulfil a real consumer need in a fast-growing market without customers needing to own the product and therefore improving accessibility to this technology. Their timing is good, and we are excited to work with them.”
elmo was set up by entrepreneurs, Oliver Jones and Luke Gavin. Their mission is to help the transition to a smarter and more sustainable personal transport sector by accelerating mass adoption of electric vehicles. They believe that new technology should benefit everyone without harming the planet.
The platform, which will launch in early 2020, will allow users to ‘subscribe’ to an electric car on a flexible, monthly contract. The subscription bundle is all-inclusive with insurance, tax, maintenance, MOT, breakdown cover, public charging, home charge point and even home energy, all included in the monthly payment.
This makes elmo the world’s first platform to offer ‘total cost of ownership’ car subscriptions. Users will have no other expense for their car outside the single payment they make to elmo each month.
“By integrating an array of market-leading services into a single subscription bundle, we aim to make switching to an electric car as convenient as possible. The subscription model also removes upfront cost barriers and allows people to go electric without any long-term commitment. The Havisham Group and Lord Brownlow were quick to see the value in our offering and our long-term vision for the future of mobility. It’s a pleasure to have their support,” said co-founder Oliver Jones.
Before launching the full platform in 2020, elmo have released an interactive test to help people evaluate their suitability for an electric car. You can take the test and find out how much you could save with an electric car at www.elmodrive.com. ih