Onto raises £126.7m in Series B funding to expand electric vehicle subscriptions
The funding round was led by Alfvén & Didrikson alongside a debt facility from Pollen Street Capital.
Onto provides an all-inclusive monthly subscription service for electric vehicles, covering insurance, maintenance, and public charging.
Electric vehicle subscription service Onto has secured £126.7m in a combined equity and debt Series B funding round. The equity portion was led by Alfvén & Didrikson, alongside participation from Pollen Street Capital, which also provided a senior-secured asset backed debt facility. Existing backers ADV, Cerebrum Tech and JamJar also took part, alongside new investors TotalEnergies Ventures, Vlerick Group, Achmea Innovation Fund and the family office of Jim O'Neill.
The new capital will support the company as it expands its operations in the UK. Onto offers monthly vehicle subscriptions that include insurance, servicing and public charging access, aiming to provide a flexible alternative to traditional car ownership.
From the founder
"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."
Rob Jolly
CEO and co-founder at Onto
Investor perspective
"We are thrilled to partner with Rob and the rest of the Onto team in their endeavors to accelerate the electrification of cars, reduce emissions and lower the threshold for anyone to drive an EV. We are big believers in the transition from car ownership to car subscription and look forward to an exciting journey together, transforming an industry and ultimately contributing to a positive change for society."
Tiyam Afshari
Partner, Alfvén & Didrikson
Use of funds
- 01Scale operations
Investors
Tiyam Afshari
Alfvén & Didrikson
Matthew Potter
Pollen Street Capital
ADV
Cerebrum Tech
JamJar
TotalEnergies Ventures
Vlerick Group
Achmea Innovation Fund
Jim O'Neill family office
Categories
About the company
Onto
Onto offers a flexible electric car subscription service that includes charging, insurance, and maintenance.