Co-Wheels car club secures £40K social investment to help fund expansion

 

 

Co-Wheels Birmingham is your local eco car club, operated social enterprise Green Revolutions CIC.

Its members drive low-emission, well-maintained cars –without the hassle and cost of ownership, insurance and and maintenance.

Since launching in 2013, Co-Wheels now has over 90 members, with pay-as-you go vehicles ready for immediate hire across South Birmingham — and more locations and cars are on the way. Thanks to £40,000 social invest from Big Issue Invest, the enterprise is now looking to grow its membership to 300 over the next two years. 

Sandra Green, founding director says: “Getting this investment has been a tremendous boost to Green Revolutions and will help the organisation move forward at a much quicker pace. We want to help reduce C02 omissions by finding affordable and convenient ways for people to cut car use and avoid the hassles of car ownership. We believe our car club offers the opportunity to do this. We are excited by the prospect of creating greater social impact through the expansion of our work.”

The finance provided by Big Issue Invest is part of a new £5m lending scheme aimed at enabling social enterprises to access loan funding of between £20,000 and £150,000 across the country. Kevin Lloyd-Evans, Big Issue Invest’s regional investment manager says: “We are delighted to be able to support Green Revolutions. It is our second investment in Birmingham and we hope to continue working with more organisations in the coming year.”

Read press release.

Birmingham UK. Freelance research, evaluation and policy consultant specialising in social enterprise and the third sector. I maintain the BSSEC blog and website

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