London's Onto Raises £49.9m in Electric Car Subscription Service
Onto raises £49.9m in a Series C equity funding round for its EV subscription service.
12:09 02 August 2022
Onto, a London-based firm that offers car subscriptions purely for electric charging, has raised £49.9million in a Series C funding round led by the financial services group Legal & General. Others that participated in the round include existing investors like Cerebrum Tech Limited, Accelerated Digital Ventures, Alfven and Didrikson and the family office of Jim O'Neill.
The company, which goal is to make the process of owning an electric vehicle more affordable to those who wish to buy them, will be using the new funding to expand its services across Europe.
Onto co-founder and CEO Rob Jolly said: “With almost 90% of our customers preferring the convenience of an all-inclusive package that covers everything – even public charging – our unique proposition addresses these customers’ needs,”
“We believe that making it simple and easy to get an electric car is essential to building a sustainable future.”
Wian Pieterse, managing director of fintech at Legal & General, said: “We expect to see increasing demand for subscription models that not only pave the way towards a sustainable way of living but also meet the needs of those who don’t want to tie up valuable savings or incur a loan to buy a car,”
“Onto has grown rapidly over the last four years, and we’re looking forward to working with the team to help the business scale and expand into new markets, all while investing to benefit the future of our society”.