Cannon-Brookes invests $10 million in secondhand electric vehicle startup

Tech billionaires Mike Cannon-Bookes and Cameron Adams have invested $10 million in second-hand electric vehicle market Good Car Company, ahead of a “mega” capital raise later this year.

The Atlassian founder tipped $10 million through his Boundless green energy fund, while Canva co-founder Adams and his wife, Lisa Miller, added an undisclosed amount.

The company will use the extra money to boost sales of second-hand electric vehicles from the current 200 a year to 2,000.

They will introduce the Peugeot e-Expert commercial electric van and bring some smaller electric vehicles, though they can’t say which ones.

“The money goes towards getting a lot more cars, developing systems and creating the market for more electric vehicles. Bringing in a broader range of cars, commercial vans, small electric vehicles, filling in the gaps,” spokesman Anthony Broese van Groenou said. the driven.

“It’s a very good sign for investors and, more generally, it allows us to scale much faster. So this little seed money unlocks more capital.”

There is no shortage of cash for electric vehicles

Venture capital investments in tech companies have collapsed this year as financiers, fearful of a prolonged recession, booked unlisted investment securities across the board, prompting mass layoffs among once-reputable Australian startups. bright.

But Broese van Groenou says there is still plenty of money available in the “doing good” space.

“There is an appetite for companies that help corporations achieve their ESG goals. Since we have a very social and environmental mandate, we can provide tangible tools that fit the funding mandates,” he said.

“We are having wide-ranging discussions with many impact funding sources. [across venture, corporate and social entities].”

More cars, faster

Good Car Company started in 2019 with a bulk buying service, aggregating a small range of used electric vehicles to sell to communities at the lowest possible price, it works with communities across Australia to help offer affordable electric vehicles.

The company is currently working on a subscription service for electric vehicles and offers financing through partners like Plenti to make electric vehicles more affordable for low-income families.

Electric vehicle sales in Australia have doubled from 2% to 4.4% this year.

But international data indicates that number needs to reach 10 percent by 2024 to accelerate EV adoption.

Good Car Company sees the government’s proposed fuel efficiency standards as a good start, saying similar changes in New Zealand have seen electric vehicle purchases soar from 3% to 10% in just one year.

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