Zevvy is a technology company.
Zevvy has raised $5.0M across 1 funding round.
Zevvy has raised $5.0M in total across 1 funding round.
Zevvy has raised $5.0M in total across 1 funding round.
Zevvy's investors include 125 Ventures, AngelList Syndicator, Cake Ventures, Curious Capital, MaC Venture Capital, Pareto Holdings, QBIT Capital.
Zevvy was a fintech startup founded in 2021 that built a direct-to-consumer leasing platform for electric vehicles (EVs), offering short-term, pay-per-mile leases to eliminate traditional barriers like mileage caps, three-year terms, and high upfront costs.[1][2] It targeted high-mileage drivers such as commuters and gig workers, partnering with distributors like Nissan, Hyundai, Mitsubishi, and Tesla, as well as Uber, to provide affordable EV access and accelerate adoption while reducing emissions.[2][4] The company raised $5.4M in seed funding in 2022 from investors including MaC Venture Capital, Alumni Ventures, BoxGroup, and Climate Capital, operated a fleet of about 100 EVs in California (primarily the Bay Area), and aimed to scale to 1,000 vehicles with new partnerships like GM and Ford.[1][2][4] However, Zevvy ceased operations in January 2024 and is now listed as dead, with no reported revenue.[1]
Zevvy, formerly known as Flux EV, was founded in 2021 by Andrew Krulewitz, who drew from his background in greentech financing for solar products and energy storage.[1][2][4] The idea emerged from Krulewitz's daily commute in an EV amid heavy freeway traffic dominated by gas vehicles, highlighting the need for accessible options for high-mileage drivers facing rising gas prices and gig economy demands.[2][4] Early traction included a $5.4M seed round announced at its official launch in October 2022, support from the Bay Area Air Quality Management District's Climate Tech Finance program for emission reductions, and partnerships yielding a 100-EV fleet in California.[1][2][4]
Zevvy rode the EV adoption wave amid surging auto loan debt ($1.43T peak), rising gas prices, and climate tech momentum, addressing financing barriers that limited EVs to affluent buyers despite long-term cost savings.[2][4] Its timing aligned with California's aggressive emission goals and federal incentives like the Inflation Reduction Act, positioning it to influence auto fintech and mobility by proving flexible leases could scale fleet electrification for gig platforms like Uber.[1][3][4] Though short-lived, Zevvy highlighted market forces favoring climate fintech—regulatory support, corporate sustainability pushes, and consumer shifts—paving the way for similar models in auto tech and transportation verticals.[1][3]
Zevvy's shutdown in January 2024 after just two years of operations underscores the challenges in EV fintech, including high capital needs for fleets and sensitivity to interest rates amid cooling EV demand.[1] What's next is uncertain, as the company is defunct with no revival signals, but its model could inspire successors riding trends like pay-per-use mobility, corporate EV mandates, and AI-optimized fleet management.[1][3] Its influence may evolve through alumni like founder Krulewitz applying greentech lessons elsewhere, amplifying calls for accessible financing in the shift to zero-emission transport—echoing its original mission to make EVs viable for everyday high-mileage drivers.[2][4]
Zevvy has raised $5.0M across 1 funding round. Most recently, it raised $5.0M Seed in October 2022.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Oct 1, 2022 | $5.0M Seed | 125 Ventures, AngelList Syndicator, Cake Ventures, Curious Capital, MaC Venture Capital, Pareto Holdings, QBIT Capital |