Editor's note: In our 2023 Startups to Watch feature, the Silicon Valley Business Journal and San Francisco Business Times present startups and founders doing unique things in the Bay Area. Zevvy is one of 15 we profiled this year — to read more about our mission and the other startups we're featuring, click here.
In November, the New York Times declared that "electric vehicles are starting to go mainstream in the United States," with sales of gasoline-powered vehicles declining just as battery-powered car sales have been growing, particularly among less affluent and less environmentally concerned buyers.
For many, it's simply about saving on gas and maintenance. In August, President Joe Biden signed the Inflation Reduction Act, which dedicates $369 billion for climate change mitigation subsidies, investments and tax incentives. That includes extending federal tax credits for electric vehicle purchases.
Zevvy is creating an electric vehicle leasing marketplace with short-term flexibility starting with six-month-long contracts and options to buy. It currently serves the Bay Area and Central Valley — especially gig workers in those regions who may be looking for better transportation options.
The most expensive options on Zevvy — a Tesla Model 3 — cost $699 a month, plus 15 cents a mile after a one-time initial fee that ranges from $499 to $999, according to its website in December. Uber also offers its drivers access to rentals and promotes contracts that are "as low as $260/week," which works out to more than $1,000 a month that'll eat into a driver's earnings.
- Founded: 2021
- Founders: Andrew Krulewitz, CEO; Alex Shulman, product head; Miranda Spradlin; James Greff
- What it does: Provides a marketplace for flexible electric vehicle leasing
- HQ: Hayward
- Employees: 7
- Total funding: $5.4 million
What was the “aha” moment for you? Andrew started commuting by car 75 miles round trip and realized millions of other Californians do the same thing every day.
How different is your company today from when you first envisioned it? Despite all the twists and turns, we're still doing what we set out to do: make EVs affordable for those who need them most — high mileage drivers.
In office, fully remote, hybrid: how does your team work? Hybrid. We have offices in Oakland and Hayward, with employees around the Bay Area and in Los Angeles.
Who are your customers? Regular car commuters and rideshare drivers.
How do you plan to weather this tough economy? By getting creative with asset financing and avoiding VCs unless it's absolutely necessary.
How do you plan to scale? Through corporate partnerships.
