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Monday, 02 May 2022 10:14

Sydney firm Vyro to set up Australia's first virtual EV dealership Featured

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Will Wise: "It’s... obvious to the automotive industry that the days of car dealerships are numbered." Will Wise: "It’s... obvious to the automotive industry that the days of car dealerships are numbered." Supplied

Sydney firm Vyro has raised $1 million in a second round of fund-raising to build what it claims will be Australia's first virtual dealership for electric vehicles and says it has a waiting list of 1000 customers.

In a statement, the company said its seed round was led by Antler Australia and Ellerston Capital, along with prominent angel investors including Matthew Browne, managing partner at Black Nova Venture Capital, Quentin Wallace, co-founder and partner at Archangel Ventures and Joshua Payne, co-founder and chief operating officer of Battery Future Acquisition Corporation.

Vyro offers 0% interest finance from fintech lender Plenti, which has $250 million from Westpac for its EV push to compete with players such as Brighte. It sells models from Kia, MG, Hyundai, Mazda and Polestar.

The company said prior to the latest spike in petrol prices, the Electric Vehicle Council of Australia had found that 54% of Australians would consider buying an EV.

The statement said there were three hurdles to be overcome when thinking of buying an EV: the cost, supply and the type of dealership one with which one had to deal.

Vyro claimed that its investors had backed its model because it made buying an EV much easier.

Co-founder and chief executive Will Wise said: "“We’ve obviously thrilled to have such an amazing group of investors come on board as part of our successful Seed capital raise. Spiking petrol prices are underlining a reality most Australians already see - the future for passenger vehicles in Australia is electric.

"It’s also obvious to the automotive industry that the days of car dealerships are numbered. Consumers are sick of the trawling and haggling, just as much as the misleading car financing.

"The team at Vyro believes it’s time for a smooth, 100% digital electric vehicle buying journey, with affordability and transparency at the forefront of every sale.”

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Sam Varghese

Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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