Onto raises £125 million to boost electric vehicle subscription service
Electric car subscription service Onto has secured around £125 million of funding to accelerate the shift to electric mobility in the UK.
The all-inclusive electric vehicle subscription service Onto has raised $175million to help it transform the traditional car ownership model by offering UK-wide home delivery on all its vehicles and the subscription model including 1,000 miles per month, insurance and service and repairs.
The service also has access to 11,000 public EV charge points via its network of charging partners, which include Shell Recharge, BP Pulse, InstaVolt and Tesla Supercharger.
The $175million is a result of a combined equity and debt Series B funding round led by Alfvén & Didrikson on the equity raise, and with Pollen Street Capital providing a senior-secured asset backed debt facility.
According to Onto, the new capital will help it accelerate the expansion of its subscription model in the UK, with a view to exporting its model to further afield in the future.
Rob Jolly, CEO at Onto, said: “While two out of three UK drivers want their next car to be electric, the transition can be expensive and daunting. At Onto we’ve been changing the rules of the game for car ownership through our no-commitment, all-inclusive subscription service. Our focus is on providing an easy, flexible and affordable alternative, and we’re seeing huge demand.
“This funding will allow us to further expand our operations in the UK and help more customers step into the world of EVs without being tied into long contracts or faced with large upfront costs.”
Matthew Potter, partner at Pollen Street Capital, added: “We are excited to partner with Onto as they work to accelerate the shift to electric mobility and ultimately reduce emissions. At Pollen Street we believe in the potential for positive impact through the work that we do. If the UK is to achieve its goals in green energy then transformative companies like Onto, and the availability of appropriate and supportive financing, will be key.”
