UK electric car subscription service Onto says it has raised 175 million dollars in a new financing round. Alfvén & Didrikson and Pollen Street Capital led the Series B funding round, with the most prominent investor being TotalEnergies. The investment follows Onto’s significant growth in recent months.
Onto, formerly known as Evezy, has placed a slew of electric car orders since last summer, now offering about 3,000 electric cars to subscribers. In July last year, Onto ordered ordered over a thousand Zoe electric cars and 600 EVs from PSA brands, namely the Peugeot e-208 and DS 3 Crossback E-Tense. This year, another 275 electric cars were ordered from Hyundai, as well as 300 Audi e-tron. When still called Evezy, the company had already set itself up with several Nissan Leaf, BMW i3, Tesla Model 3 and Jaguar I-Pace.
Most recently, the company also placed an order over 700 Fisker Ocean EV and followed up with another 250 Peugeot e-208. As a result, the Onto fleet now includes about 3,000 all-electric cars for hire.
No wonder that investors were eager to get on board. The Series B raise brings Onto’s total funding to date to $245 million (about €208Mn). In addition, Rob Jolly, CEO at Onto, said the funding would allow the company “to further expand our operations in the UK and help more customers step into the world of EVs without being tied into long contracts or faced with large upfront costs.”
Onto’s subscription model includes free car delivery, 1,000 miles per month, insurance, service and repair, and free access to more than 11,000 public EV charge points via its network of charging partners. The latter include Shell Recharge, BP Pulse, InstaVolt and Tesla Supercharger.
While the company did not disclose the number of subscribers, it says over 300 businesses had signed up for its recently launched B2B service Onto for Business. Employees have access to the same range of EVs with insurance, maintenance and charging included.
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