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CASE STUDY: E-Car Club

         
     

"Crowdcube funding proved a fantastic stepping-stone for E-Car Club when seamlessly raising further finance through traditional routes"

Andrew Wordsworth, founder of E-Car Club
www.e-carclub.org

 

Deal Highlights

   

Deal Terms

   

E-Car Club raised £100,000 to grow their electric pay-per-use car club.

E-Car Club was formed in September 2011 and was funded via the Sustainable Venture Development Partners.  The company also had a grant from the Technology Strategy Board (TSB).

The last 18 months has seen the arrival of the first mass produced wholly electric plug-in-vehicles; with a 684% increase in pure-electric UK vehicle sales during 2011 (SMMT, 2012).

The business model combines the increasingly established pay-per-hour car club model (where in 2010 the UK's leading player, Streetcar, was acquired by Zipcar for £32 million).

Andrew Worthington was Managing Director of Carbon Trust Enterprises Limited. Andrew has been involved in the creation and launch of 12 low carbon ventures which secured over £200m of equity investment from blue chip investors.

Chris Morris is a former director of business intelligence firm EyeforEnergy. He has over 5 years' opportunity analysis and venture development experience in the low carbon sector working with low carbon NGOs, private sector start-ups and multinational corporates.

 

 

               

Deal Size

£100,000

Equity Offered

20 per cent

Number of Investors

62

Duration of Funding

117 days

Date Funded

Feb 2013

Sector

Environmental and Ethical

Location

London, England

 

Pitch Video

   

Investment Graph

   

   

 

 

 

About E-Car Club

   

Andrew Worthington, Co-founder of E-Car Club

   

E-Car Club (www.e-carclub.org) is a competitively priced, wholly electric car club operating through established community channels. The business model combines the increasingly established pay-per-hour car club model.

Following the successful launch of three Nissan LEAF cars in Wolverton and Milton Keynes an additional £100,000 was sought to fund operations, including establishment of additional hubs in Southern England and development of strategic partnerships.

Rewards involved free E-Car Club membership, free driving credit, an invitation to join the E-Car Advisory Committee, lifetime community membership (worth £15/month) and for investments of £15,000 + investors gained A-shares with voting and pre-emption rights.

   
       
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