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WeVee

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The Electric Car shopping platform bringing EV's in one place to browse, configure and lease an EV.

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Funded 21 Jul 2021
£850,005 target
£1,714,863 from 0 investors
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Business overview

Location London, United Kingdom
Social media
Website www.wevee.uk
Sectors Automotive & Transport Digital Mixed B2B/B2C
Company number 11794128
Incorporation date 29 Jan 2019
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Investment summary

Type Equity
Valuation (pre-money) £4M
Equity offered 17.52%
Tax relief

EIS

Co investor JamJar

JamJar is an early stage VC set up and run by the 3 founders of Innocent drinks.

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Business highlights

  • £830,000 of sexy electric-car-revenue since launch*
  • 100,000 super-savvy EV consumers hitting our site in March '21
  • 800+ crazy-amazing Electric Cars ordered already
  • 350+ 5-star Trustpilot reviews singing lovely our praises
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Key features

  • Secondary Market
  • Nominee investment min. £12.20 +

Idea

Introduction

WeVee is the UK’s one-stop-shop to get an electric car. We’re a modern shopping platform that brings EV's into one place so you can browse every model, by every make, compare them, get all the pricing, configure a lease and speak to the best damn EV experts around.

EVERY ELECTRIC CAR
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We have over 75 Models, 180 Trims and over 50 Concept Cars in one consistent user experience, and aim to host every single EV on the market.

REAL-TIME PRICING TOOL
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Our pricing configurator pulls from some of the UK's top lenders and uses exclusive API's to show the best price for each lease configuration.

FEATURES & SPECS THAT MATTER
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We've written our Design, Safety and Tech features in plain-speak and in one consistent way so that you can quickly scan and compare.

DEEP EV & LEASE EXPERTISE
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We're not just Leasing experts, but EV experts that will answer every question, explain every feature, calculate every EV saving.

Substantial accomplishments to date

We've made huge strides in solving many of the EV industry's biggest challenges in education, shopping, ordering and customer service and it's working.
• Over 800 Vehicles Ordered
• £830,000 in Revenue since launch*
• But we've achieved much more than that...

✔︎ NEXT-GENERATION WEBSITE
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In December 2020, we launched an innovative, intelligent and dynamic website, built from the ground-up to integrate with our CRM and unified data set – laying the foundations for our technology roadmap.

✔︎ INSPIRED 5-STAR CONSUMER LOVE
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With 350+ 5-star Trustpilot reviews, our uniquely everyday brand, one-of-a-kind website, deep Leasing and EV expertise and customer service is ringing true.

✔︎ CREATING A BRAND THAT DELIVERS
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Our unique brand makes our ads break through the noise and get incredible click through rates from 5%-17% – smashing 4% CTR average for the auto industry.

✔︎ LEGACY-FREE TECH STACK
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We’ve built our website, CRM, quote and order systems on the latest tech, bringing multiple data sources into one unified dataset.

✔︎ PARTNERSHIPS YOU CAN'T BUY
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The biggest leasing companies in the UK – Lex Autolease, LeasePlan, Arval UK, ALD Automotive – have chosen to partner with us because of our unique EV expertise, brand and service has earned relationships that provide exclusive opportunities such as lower pricing, ring-fenced stock and API access.

Monetisation strategy

EVs are the biggest consumer switch since the Nokia to iPhone and their exponential growth is forecasted over this decade.


WE GROW WITH A GROWING MARKET
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The influencing factors are huge:
• Combustion sales reduced by 39% for petrol 55% for diesel vehicles in 2020.
• All new combustion sales banned by 2030
• Many carmakers aim for 50% EV in 4 years
• More changing stations than Petrol stations in the UK
• London ULEZ expands in October 2021

HOW WE MAKE MONEY
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Our monetisation strategy is proven, not fantasy. We help customers choose the right car for them, and negotiate the best price on their behalf with the car manufacturers and the four largest leasing companies in the UK (mainly bank-owned).

Every aspect of the unit economics adds-up to happy days. We earn commission from our leasing company partners for every car leased, payable in full within 10 days of delivery. Plus the leasing broker model requires no inventory and is capital light. Woo-hoo!

Use of proceeds

WHERE WE'RE SPENDING OUR MONEY
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For 2021, we’re heads-down, focusing on business and salary sacrifice and building-out our technology and operations platforms.

Along with on-going marketing expansion, we have some core technology projects, Salary Sacrifice Lead Generation teams and leadership roles to build-out to support our our plan for 2021.

DEVELOPMENT ROADMAP
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We’re building key technologies designed to ensure short-term conversions and long-term scale.

• Back office-supply chain integration
• Self-serve / Customer Portal
• Enterprise Portals
• Complete leadership team

We started we because we care about our communities and the people that live in them. Our brand belief is "Together we're electric" and it's the heart of everything that drives us. Only together can we make combat climate change and make this switch.

Join us doing that.
Because what we can achieve together, is wonderfully electric.

Big ❤️,
Team WeVee

Key Information

Outstanding debt

The company has an outstanding Bounce Back loan of £50,000, interest-free for 12 months, and 2.5% thereafter. This is to be repaid over 59 monthly installments starting in May 2021.

None of the funds raised will be used to repay this loan.

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Investing involves risks, including loss of capital, illiquidity, lack of dividends and dilution, and should be done only as part of a diversified portfolio. Please read the Risk Warnings before investing. Investments should only be made by investors who understand these risks. Tax treatment depends on individual circumstances and is subject to change in future.

This webpage has been approved as a financial promotion by Seedrs Limited (trading as Republic Europe) ("Republic Europe"), which is authorised and regulated by the Financial Conduct Authority with firm reference number 550317. It is not intended to be a promotion of any individual investment opportunity and is not an offer to the public. The summary information provided about investment opportunities on this webpage is intended solely to demonstrate the types of investments available on the Republic Europe platform, and any investment decision should be made on the basis of the full campaign. Full campaigns are available to investors who have become authorised to invest on the Republic Europe platform. All investment activities take place within the United Kingdom, and any person resident outside the United Kingdom should ensure that they are not subject to any local regulations before investing.

Republic Europe does not make investment recommendations to you. No communications from Republic Europe, through this website or any other medium, should be construed as an investment recommendation. Further, nothing on this website shall be considered an offer to sell, or a solicitation of an offer to buy, any security to any person in any jurisdiction to whom or in which such offer, solicitation or sale is unlawful. Republic Europe does not provide legal, financial or tax advice of any kind. If you have any questions with respect to legal, financial or tax matters relevant to your interactions with Republic Europe, you should consult a professional adviser.

Tax Relief (SEIS)

This business is eligible for SEIS relief - providing qualifying investors with income tax relief of 50% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Tax Relief (EIS)

This business is eligible for EIS relief - providing qualifying investors with income tax relief of 30% of their investment and certain other tax reliefs. Tax treatment depends on individual circumstances and is subject to change in future. Click to learn more.

Valuation (pre-money)

Valuation rounded from £4,001,033

This is the fully-diluted pre-money valuation of the business (i.e. before the new investment comes in and including issued options and other equity interests). In contrast, the post-money valuation is based on inclusion of the new investment in the value.

It is calculated as the pre-money valuation plus the amount of new investment. e.g. If Company A is ascribed a pre-money valuation of £1,200,000 by prospective investors investing £300,000, its post-money valuation is £1,500,000.

The investee business is responsible for setting its own valuation, it has not been prescribed by Seedrs.

Pitch type

Investing in a regular equity campaign is the simplest and most common way to invest in a startup. You decide which business you want to invest in, and if the campaign hits its funding target then you will become one of their shareholders. As the company becomes more valuable, so do your shares; allowing you the opportunity to share in the future success of the business.

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Equity Offered

The equity offered is the percentage of the company’s shares being issued in return for the amount of investment raised.

When the amount raised is less than 100%, the equity offered is based on the target raise. Once the company has raised over 100% it is based on the total raised.

In some scenarios, entrepreneurs may accept additional direct investment after closing their Seedrs campaign. Provided this is within 6 months of the closing and on the same terms, we do not typically offer pre-emption rights on that extra investment (where you have the opportunity to invest again to maintain your percentage shareholding).

Learn more about investing and pre-emption rights.

Nominee investment

This shows if you are able to choose, when making an investment, that you be represented by, and your shareholding be managed by, the Nominee investment.

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Custodian

If you invest in this Campaign, Seedrs will act as Custodian rather than provide our standard nominee service. This is due to the fact that the business is not directly involved in the share sale and Seedrs will not benefit from any rights under a shareholder agreement. As a result, Seedrs will handle administrative tasks as we do normally, but you will not have information or voting rights, updates from the business, preemption on future fundraising, or ongoing support about business trading activity.

Learn more about Custodian here

Secondary market

This shows if the business has opted-in or opted-out of allowing its shares to be bought and sold on the secondary market.

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Direct investment

This is an option to invest and hold shares 'directly' in the company (rather than via the Nominee investment). This option is only available to those investing over the threshold amount, which is determined by the fundraising company.

If you choose to hold your shares directly, you will be responsible for any contractual or administrative arrangements with the company you are investing in.

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Payment options

We are not able to accept card payments for investments into this sector. You can pay for your investment by creating a bank transfer, using funds in your investment account or create a Pay by Bank payment. Your investment will only be completed once the funds have reached our account.

Business Involvement

This Campaign offers shares for sale in business that is not directly involved in this Campaign or the sale. As a result, the Campaign and post-investment experience, including investor rights, will differ from a business-led campaign on Seedrs. Most notably, the business will not engage with investors in the discussion forums both during and after the sale or provide any updates to investors.

Learn more here

Payment options

We are not able to accept Pay by Bank payments for investments into this sector. You can pay for your investment with a card payment, by creating a bank transfer or by using funds in your investment account. Your investment will only be completed once the funds have reached our account.

Drawdowns

This campaign offers the ability to pay for an investment by drawdowns.

Security Token

A security token is a digital asset that represents ownership or other rights. It is a digital form of traditional investments. In the future, you may be able to trade your investment through compatible exchanges.

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