Series C27 July 2022

Onto raises £49.9m in a Series C funding round led by Legal & General to fund European expansion.

The Series C round was led by Legal & General with participation from existing investors.

£49.9MSeries C

Onto provides an all-inclusive monthly subscription service for electric vehicles, covering insurance, maintenance, and public charging.

Electric car subscription service Onto has secured £49.9m in a Series C funding round led by Legal & General. Existing backers including Alfvén & Didrikson, Accelerated Digital Ventures, Campden Hill, and the family office of Jim O'Neill also participated in the round.

The capital will support the company as it prepares to launch in Germany in early 2023, while consolidating its position in the UK market. The business has experienced rapid growth over the past year despite broader supply chain constraints in the automotive sector.

The company operates an all-inclusive monthly model covering public charging, insurance, and breakdown cover without requiring a deposit or long-term commitment. This approach responds to growing consumer demand for flexible usership and sustainable transport options.

From the founder

"This funding round is a huge milestone for Onto as it sets us off on our journey to Europe. Germany, a nation with an incredible automotive history as Europe’s biggest car-producing country, is a market with huge potential and a great appetite for electric cars. We’re excited to offer something different."

Rob Jolly

CEO and co-founder at Onto

Investor perspective

"Onto is an exciting example of this; an ambitious company with a talented management team that will play a vital role in accelerating the transition to electric vehicles. 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."

Wian Pieterse

Fintech MD, Legal & General