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Investors Set to Live the Journey as Voltric Scales Up in Wales

Buddsoddwyr yn Ymuno â’r Daith wrth i Voltric Ehangu yng Nghymru



Electric vehicle subscription business Voltric has opened offices in Newport ahead of a seed fundraise.

Established by chief executive Julian Mensah and co-founder Brent Oldfield in Bristol in 2019, Voltric has already secured significant pre-seed investment from a syndicate of eight business angels led by lead investor Eamon Tuhami. This was matched with investment from the Wales Angel Co-Investment Fund, alongside further investment from other private investors.


Now based at Tramshed Tech in Newport, Voltric took part in FinTech Wales’ inaugural Foundry – the no equity accelerator programme that provides mentorship and support to help incubate, accelerate and scale start-up businesses in Wales.

Voltric has been working with manufacturers that include MG UK, Kia UK, Fiat, Tesla and Mercedes. Additional Dealer partners include KIA Fish Brothers, Richmond Motor Group and Sytner Mercedes. There are more manufacturers and dealer partners expected shortly as the company scales-up its mobility offering, creating a true MaaS (mobility-as-a-service) platform. This will allow users access to a host of solutions for their transport needs.

Julian Mensah said:

“Our customer first solutions are designed to address the high cost and complexity of purchasing an EV, the abundance of harmful CO2 and NO2 in our air, and the growing demand for mobility to be practical, sustainable and efficient.”

“We provide a subscription service for electric vehicles; users pay one monthly fee that covers an electric car hire, insurance, road tax, breakdown cover, maintenance and repair. They get an electric car that fits their lifestyle from one month up to 12 months commitment with minimal hassle compared to standard leasing agreements.”

“As a business we’ve been blessed with a vast network of supportive stakeholders but the experience of taking part in Fintech Wales’ Foundry has opened up so many opportunities for us allowing us to have regular conversations with potential partners such as insurance firm Admiral.”

“Now, with the backing of the Development Bank of Wales and our angel investors, we are ready to scale up from our new base in Newport. We’ll be investing in our technology and our team so that more people can drive EVs and live the journey with us.”

Lead investor Eamon Tuhami said:

“Electric car subscriptions are an important and innovative way of addressing the problems facing mobility in the UK today. Getting into EV for the first time is scary. There’s a lot of information, and misinformation, to sort through. Julian, Brent and the team want to make it as easy as possible to get people behind the wheel of an EV by matching great technology with excellent customer service. It’s a win-win for drivers and the environment which makes Voltric a very attractive investment proposition.”

Tom Preene of Angels Invest Wales added,

“Voltric is a MaaS that is helping drivers to reduce costs and emissions so is great fit for us as an impact investor with a social purpose. By using our Wales Angel Co-investment Fund to back early stage investors like Eamon and this syndicate of eight business angels, we’re able to provide the initial support needed for the company to attract subsequent investment and achieve long-term sustainable success.”

The £8 million Wales Angel Co-investment Fund provides Welsh businesses with a key source of alternative finance through the encouragement of more active angel investment. The five year fund supports the creation of angel syndicates and networks across Wales by providing loans and equity up to £250,000 to investors looking for co-investment.

Capital Law represented Angels Invest Wales and the angel syndicate. Melissa Sikwila acted for Voltric.


The Development Bank of Wales funds businesses that they think will benefit Wales and its people. The ones that will create ripples of growth- those that are more than a good business model or a great idea. They finance responsible businesses – those with a strong social, ethical and environmental standards, as well as real commercial promise.

By providing sustainable, effective finance where options have seemed limited, they bring ambitions to life and fuel possibilities for people, businesses and communities in Wales and beyond.

The Development Bank’s ‘big picture’ view means it can often help with debt and equity finance when options seem limited, doing whatever it takes to make a positive difference, bringing together the right people and working collaboratively to find a way to make things happen for Welsh businesses and for Wales.

Its teams are embedded in local communities, working out of regional offices that give customers direct access to key decision-makers and signposted avenues of support. They understand what’s happening in Wales’ villages, towns and cities – the challenges and the opportunities. They see the potential for business growth as a catalyst for enhancing lives and communities in Wales and beyond.

For more information, visit the Development Bank website at to find out more.


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