Vyro, the six-month-old startup looking to transform how electric vehicles are sold in Australia, has raised $1 million in Seed funding.
The round was led by Ellerston Capital and Antler Australia, which delivered initial seed capital last year when Vyro was part of the Antler program. Also backing the Seed raise are several prominent angel investors including Matthew Browne, Managing Partner at Black Nova Venture Capital, Quentin Wallace, co-founder & Partner at Archangel Ventures and Joshua Payne, co-Founder & COO of Battery Future Acquisition Corp.
The funds will be used to launch Australia’s first virtual dealership for EVs, scale its operations and accelerate the delivery of its product ecosystem.
Co-founder and CEO Will Wise said investors have thrown their support behind Vyro’s digital, direct-to-consumer model because it addresses the challenges holding back many people thinking about buying an EV: upfront cost, supply and the dealership model.
“We’ve obviously thrilled to have such an amazing group of investors come on board as part of our successful Seed capital raise. Spiking petrol prices are underlining a reality most Australians already see – the future for passenger vehicles in Australia is electric,” he said.
“It’s also obvious to the automotive industry that the days of car dealerships are numbered. Consumers are sick of the trawling and haggling, just as much as the misleading car financing. The team at Vyro believe it’s time for a smooth, 100% digital electric vehicle buying journey, with affordability and transparency at the forefront of every sale.”
A recent survey by the Electric Vehicle Council of Australia found that 54% of Australians would consider an EV as their next car, even before the current spike in petrol prices
Wise said that Vyro is setting out to make buying an electric car easy, seamless and more affordable. More than 1000 people are already on the startup’s pre-launch waitlist
“Vyro’s digital platform is a one stop shop for anyone looking to make the switch,” he said.
“It allows customers to trade in their fuel-powered vehicle, compare and purchase an electric car and bundle it together with insurance and carbon-neutral home energy.”
Vyro has partnered with fintech lender Plenti to offer 0% interest finance. Earlier this year, Westpac backed ASX listed Plenti (ASX: PLT) with a $250 million structured auto facility to fund electric vehicles and related features such as recharge equipment.
Wise and his team are now working on a product pipeline that includes money-making features for EV owners, including peer-to-peer car share, energy arbitrage and carbon emission abatements, which he says will make EVs more affordable to buy and own than internal combustion engine vehicles.
Antler APAC Managing Partner Bede Moore Vyro is at the forefront of rethinking the way consumers purchase and use EVs.
“Antler is thrilled to back its rapid expansion with this follow-on investment,” he said.
“In less than a year, Vyro has demonstrated tremendous traction within the electric vehicle sector. As Vyro scales its efforts to help Australians overcome the barriers of electric vehicle ownership and use, Antler will continue to support the team on each step of the journey.”
Wise and the Vyro team are now focused on their goal of selling 100,000 zero-emission vehicles by 2026.