Ferry raises $4M in seed funding from Venn Ventures, Porsche Heir Toni Piëch and others, to make electric vehicles more accessible to US drivers and catalyze the digitization of the automotive industry

News
3 minute read
5/4/2022 12:35 PM
Updated:
3/11/2022 8:18 PM
Investors include prominent names in the automotive industry, along with Venn Ventures and AMYP Ventures

Electric vehicle (EV) subscription platform Ferry announced today it has raised $4M in seed funding from Porsche heir Toni Piëch's AMYP Ventures, Venn Ventures, and angel investors Adam Forst and Lisa Besserman.

"The future of transportation is electromobility, and Ferry is all about the democratization of this future," said Kristian Russell, Founder and CEO of Ferry. "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."

Ferry enables users to obtain a short-term (6, 12, or 24 month) lease on a new electric vehicle with no down payment and delivery to their door, transacting the entire process within the app.  Users can choose from a range of new EV models at a single, transparent monthly price and no down payment. 1000 miles per month (with the ability to upgrade), maintenance, and taxes are included.

By prioritizing flexibility and simplicity, Ferry reduces the significant hurdles consumers have faced for years when seeking to lease an electric vehicle. And with regulations banning direct auto sales in many states, Ferry's direct leasing model presents a path to get more Americans in EVs quickly.

"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," said Toni Piëch, Chairman of AMYP Ventures and founder of Piëch Automotive. "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."

"The core of every successful company is a strong team working to execute on an innovative idea, and we firmly believe that Kristian and the Ferry team are onto something big," said Chan Walker and Melissa Larson Youngblood of Venn Ventures. "The auto leasing sector is without a doubt primed for disruption, and Ferry's consumer-first model making EVs more accessible is a perfect fit for the future."

"Kristian and his team have a keen awareness of the roadblocks preventing more people from getting in EVs, and Ferry is well-positioned to help the American consumer overcome these challenges," said Lisa Besserman. "By prioritizing flexibility and simplicity, Ferry is not just poised to be a favorite of younger car owners, but could very well change the way cars are bought and leased in this country for good. I'm thrilled to be involved with a company that has this kind of game-changing mission."

Ferry counts automotive legacy heavyweight Piëch and Jeff Johnson, former CFO of Revel, as board members/advisors.

ABOUT FERRY
Ferry is an electric vehicle (EV) subscription platform that allows consumers to obtain short-term leases on new electric vehicles, right from their phones. With a focus on customer delight, their intuitive app ensures an optimized customer journey built on simplicity, flexibility and transparency for the consumer.

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