Onto raises $60Mn to bring EV subscriptions to Europe
Onto has completed a Series C funding round, collecting about 59.1 million euros from investors. The fresh capital will help Onto grow the electric car fleet for subscribers and allow the service to expand beyond the British borders. Until now, Onto had been exclusive to the UK.
Germany is on top of the list of markets to tackle, in this case, starting in early 2023. The move is part of a leadership consolidation, and Onto already has an office in Germany, led by the recently appointed managing director for Germany, Joerg Feldheim.
Onto’s CEO and co-founder, Rob Jolly, said,” 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.”
The company now claims to have raised capital to over $330M in equity and debt. The round led London-based Legal & General, a financial services and asset management company. Existing investors Alfvén & Didrikson, Accelerated Digital Ventures, and Cerebrum Tech Limited also participated in the C Series.
It follows a surge in July 2021 when Onto raised $175 million, including prominent investor TotalEnergies. The Series B raise brought Onto’s total funding to $245 million (about €208Mn).
Onto’s monthly subscription model includes free electric car delivery, 1,000 miles per month, insurance, service and repair, and free access to more than 12,000 public EV charge points via its network of charging partners. The latter include Shell Recharge, BP Pulse, InstaVolt and Tesla Supercharger. Onto offers 18 electric car models, with monthly subscriptions starting from £489.
Onto currently claims about 6,000 active subscribers in the UK and says over 300 businesses signed up for its B2B service Onto for Business, launched last year. Employees have access to the same EV range, with insurance, maintenance and charging included.
The above investment comes as the business continues to see rapid growth, having grown more than 500% last year, so Onto.