Tuesday 8 February 2022

EV subscription platform Ferry raises $4m in seed funding

Ferry has raised $4 million (£2.96m) in seed funding for further development of its app-based electric vehicle (EV) subscription platform.

Investors include Porsche heir Toni Piëch's AMYP Ventures, Venn Ventures and angel investors Adam Forst and Lisa Besserman.

Ferry enables users to obtain short term lease – six, 12 or 24 months – on new EVs with no down payment and transacting the entire process through an app.

Kristian Russell, Founder and CEO of Ferry said: “The future of transportation is electromobility and Ferry is all about the democratisation of this future.

“We are grateful to have the support from an accomplished group of investors whose strategic guidance will supercharge our mission to help get 50% of US drivers behind the wheel of an electric vehicle in the next 10 years.”

The company believes it reduces the “significant hurdles consumers have faced for years” when seeking to lease and EV and with regulations banning direct vehicle sales in many states, Ferry's leasing model enables more consumers in the US to drive EVs quickly.

Mr Piëch, Chairman of AMYP Ventures and founder of Piëch Automotive added: “As an investor in climate-focused high growth opportunities, as well as existing car subscription platforms in Europe, I believe that Ferry is best positioned to win the still-nascent direct-to-consumer car market in the US.

“Both new and legacy manufacturers will benefit from their tech-forward, customer-centric approach - and with a laser focus on electromobility, Ferry is designing a new future of drive for the next generation of American consumers.”