Onto secures £100m in credit from CDPQ and Pollen Street to expand its electric vehicle fleet.
The financing follows previous backing from Pollen Street and aims to support the company fleet expansion.
Onto is a UK based car subscription service specialising in electric vehicles with all-inclusive packages.
Onto has secured a £100m credit facility provided by CDPQ and existing partner Pollen Street. The London-based electric vehicle subscription service will deploy the capital to expand its vehicle fleet across the UK market.
Founded in 2018, the company offers monthly vehicle subscriptions covering maintenance, insurance, and public charging access. This latest financing follows a Series C round secured six months prior and brings the firm's total capital raised to £340m.
Leadership noted that the new facility will support broader adoption of electric vehicles by offering a flexible alternative to traditional car ownership. The company currently counts thousands of subscribers and models from multiple major automotive brands.
From the founder
"We’re grateful for the support of Pollen Street and CDPQ – it will turbocharge our UK growth plans and consolidate our position as the leading electric car subscription service. This is a pivotal moment for the adoption of electric cars, and at Onto, we want to make them more accessible and affordable to people who want to make environmentally-conscious choices. The opportunity to provide an alternative to car ownership has never been more desirable – our subscribers benefit from the convenience, flexibility, and choice of a monthly subscription model."
Rob Jolly
at Onto
Investor perspective
"Building on our relationship with Onto, we are excited to once again work with a business that has a strong mission to enable access to electric vehicles and encourage the switch to greener mobility. This funding will play an important role in supporting Onto’s growth and aligns strongly with Pollen Street’s commitment to investments that drive a positive impact. We are also thrilled to partner with CDPQ on this facility, providing Onto with the joint funding to drive its 2023 goals together. CDPQ is a fantastic partner, and we look forward to working with the team."
Matthew Potter
Partner, Pollen Street
Investors
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About the company
Onto
Onto provides all-inclusive electric car subscriptions for drivers seeking flexibility.