Ride-hailing EV supplier WeFlex looks for new £60m funding to take fleet to 10,000

WeFlex, which supplies and finances electric vehicles for ride-hailing drivers, has appointed accountancy firm EY to drive its £60 million fundraising efforts.

The company says the funds, a mixture of debt and equity, will be utilised to support its goal to get ride-hailing drivers to switch to EVs.

WeFlex, founded by former Climatecars boss Nicko Williamson (pictured), is an approved Uber Clean Air Plan partner, providing EVs to private hire drivers through a flexible vehicle financing product, where the customer owns the vehicle at the end of the agreement. The Clean Air Fund is currently sitting at £145m.

As well as vehicle finance, WeFlex provides the option of short-term vehicle rental to allow ride hailing drivers to get to grips with switching to an EV, as well as insurance, vehicle servicing, PCO licensing and more.

Since inception, WeFlex has raised £2m in equity from investors, as well as debt of £27m. The new round of fund-raising will support a strategic goal of reaching a 10,000-strong EV fleet by 2025.

WeFlex CEO Nicko Williamson said: “There is a huge and pressing opportunity for WeFlex to play a major part in helping the ride hailing market switch to EVs, helped by Uber’s commitment to be a 100% EV platform in London by 2025 plus clean air zones coming in across major UK cities. We are raising further funding to capitalise on this opportunity, giving WeFlex the ability to scale faster as more ride hailing drivers look to make the switch to EVs.”