Electric car on-demand service Onto raises $175 million

Accelerating the shift towards electric mobility, the EV subscription platform Onto has raised $175 million in a Series B round. The company offers a UK-wide subscription that includes insurance and free access to over 11,000 charge points. With the new funding Onto will further establish its market position in the UK, as well as eye opportunities further afield. To date, the firm has raised $245 million.

Due in part to the pandemic, consumers have become increasingly familiar and comfortable with subscription-based services. If I can access any film I want for £13.99 a month, why can’t I have access to an electric vehicle for £399 a month? Combine this attractive offer with the growing demand and need for sustainable transportation options, et violà, Onto.

Quelling that ever-present, “But what if I run out of juice?” fear, the Warwick-based firm has partnerships with Shell Recharge, bp Pulse, InstaVolt, and Tesla Supercharger.

“While two out of three UK drivers want their next car to be electric, the transition can be expensive and daunting,” commented CEO and co-founder Rob Jolly. “Our focus is on providing an easy, flexible and affordable alternative, and we're seeing huge demand.”

Onto’s $175 million funding round is a combined equity and debt deal. Alfvén & Didrikson led the equity raise, with Pollen Street Capital providing the debt facility. Existing investors ADV (Legal and General), Cerebrum Tech Limited, and JamJar also participated, with new investors TotalEnergies Ventures, Vlerick Group, Achmea Innovation Fund, and the family office of Jim O’Neill joining.