17/07/2018 - General News
Mevo, Australasia’s first free-floating car share, has secured a further $300,000 (NZD) investment from New Zealand transport energy company, Z Energy (ZEL), as well as new funding from European Motor Distributors (EMD) and The Wellington Company (TWC).
Z Energy are now 12% shareholders, with both EMA (Audi NZ’s parent company) and TWC becoming 2.1% shareholders, respectively.
The latest investment will further fuel Mevo’s growth as it prepares for further expansion of its team and network. It follows a massive six months for the company, which has included a series of strategic hires, doubling its membership, rolling out at Wellington Airport, and launching the first free-floating car share service in Australasia.
Mevo Chief Executive and Co-Founder, Erik Zydervelt, says it’s encouraging to see further investment in the future of New Zealand transport.
“It’s really promising to see established New Zealand companies like Z Energy, The Wellington Company, and European Motor Distributors actively engaging in environmentally responsible, future-focused initiatives,” said Erik.
As the world’s first climate positive car share, Mevo is at the cutting edge of sustainable transport alternatives in New Zealand.
“We support Mevo’s vision for innovative mobility-on-demand and applaud what it has achieved for inner-city transport in just a few short years. Mobility solutions are part of the future, particularly for urban New Zealand. Mevo is bringing that innovation right now and we are confident that Mevo plays an important role in our future.” said Glynn Tulloch, Group General Manager, EMD.
Z Energy also recognises the importance of innovation in providing mobility solutions that are better for the planet and simply better for customers, which has led to its continued support for the homegrown startup. This is the second investment from Z Energy, following a $250K investment in September, 2017.
“Z Energy shares Mevo’s vision for carbon conscious transport systems in New Zealand and they have been fantastic partners to help make this a reality,” said Erik.
Z Chief Executive, Mike Bennetts, says Mevo has the potential to change the way New Zealanders think about urban transport.
“Mevo is helping New Zealanders reconsider traditional car ownership and transport,” said Mike.
“By deepening our investment in Mevo, we hope to enable more Kiwis to jump in the driver’s seat of the future. It also enables Z to explore the future of mobility and learn more about changes in the way our customers are getting from A to Z.”
Investment from Z Energy, The Wellington Company and European Motor Distributors will have a huge role in the continued expansion of Mevo’s infrastructure within Wellington, and further afield. Since the last investment Mevo has focused on achieving product market fit and launching free-floating in May. Following the free-floating launch, Mevo has achieved a 100 per cent increase in monthly trips in its vehicles and was named winner of the Emerging Gold category at the Wellington Gold Awards.
With the latest investment, Mevo will continue to add talent its team and focus on scale and rapid growth. The company has recently appointed two industry veterans, Sophia Rizos as Head of Growth, and Maryon Wils as Head of Enterprise Sales.
“Maryon and Sophia share our vision for the future of thoughtful urban mobility, and their experience will be fundamental as we build on our recent momentum,” said Erik.