Whitecar, an electric car rental company, has secured funding of £1.29m and is now focusing on European expansion to add to its existing outlets at Heathrow, Gatwick, Manchester and Edinburgh airports.

The £1.29m of fresh equity capital was raised at a pre-money valuation of £5.85m from two sources: £893,000 from a successful Crowdcube campaign, which was 137% overfunded, and £400,000 from Regency Mines PLC, a company quoted on AIM at the London Stock Exchange.

Regency Mines invested £200,000 at the end of December 2017 and will invest a further £200,000 in February 2018. Regency Mines has an option to invest an additional £250,000 at a 50% premium by October 2018. Whitecar is delighted to welcome Scott Kaintz, COO of Regency Mines, to the Whitecar board.

Through Whitecar Share, the company also rents out Tesla cars belonging to private owners, allowing them to generate extra revenue when their cars are not in use. The company also runs Whitecar Valet, which looks after owners’ Teslas who are travelling from Heathrow, Gatwick, Edinburgh and Manchester.