Electric car hire business nets sevenfigure sum

An electric car hire firm positioned as a disruptor in the sector – whose locations include Edinburgh Airport – has secured seven-figure funding.

Whitecar, which says it boasts the UK’S largest fleet of white Tesla vehicles to rent, has secured £1.3 million mainly via crowdfunding, and is now focusing on European expansion to complement its existing outlets that also include Heathrow, Gatwick and Manchester airports. The venture launched in 2016 and says it is focused on “simplicity, ease and transparency”, offering one make of car, in one colour, and at one price.

The fresh equity capital was raised at a pre-money valuation of £5.85m from two sources: £893,000 from a Crowdcube campaign that was 137 per cent overfunded, and £400,000 from Aim-quoted Regency Mines.

The latter firm invested £200,000 at the end of December and will invest a further £200,000 in February. Additionally, Regency Mines chief operating officer Scott Kaintz is joining the Whitecar board.