All-inclusive electric vehicle subscription service听Onto听has raised听拢126听million to transform the traditional car ownership model.听
The investment听comes as the UK-based sustainable mobility business, which enables customers to access an electric car on a subscription basis without huge deposits or a long-term commitment, embarks on the next phase of its rapid growth.听
With听the rise of the subscription economy and growing demand for green transport options post-COVID, the new capital will help听Onto听accelerate the expansion of its popular subscription model in the UK, with a view to exporting its innovative car-as-a-service model听to further afield in the future.听
The combined equity and debt Series B funding round was听led by Alfv茅n & Didrikson on the equity raise, with Pollen Street Capital providing a senior-secured asset backed debt facility.听
Existing听investors ADV (Legal and General), Cerebrum Tech Limited and听JamJar听also participated in the oversubscribed equity round, alongside new investments from听TotalEnergies听Ventures,听Vlerick听Group, Dutch insurer Achmea Innovation Fund and the family office of ex-Goldman听Sachs Asset Management Chairman and Member of the House of Lords, Jim O鈥橬eill.听听听
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The Series B raise brings听Onto鈥檚听total funding听to date to $245 million.听听
Rob听Jolly, CEO at Onto, said:听鈥淲hile听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听providing an easy, flexible and affordable alternative, and we’re seeing huge demand.听
鈥淭his听funding will allow us 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.鈥�听
Onto听offers UK-wide home delivery on all its vehicles and the subscription model includes 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.听听
Onto has partnerships听with Shell Recharge, BP Pulse,听InstaVolt听and Tesla Supercharger to bolster its all-inclusive subscription offer and combat charge anxiety among consumers.听
In 2020听Onto for听老九品茶 was additionally launched which听provides companies with a flexible, no commitment car subscription solution for their employees. With zero emission cars exempt from Benefit-In-Kind tax, both the employer and employee can capitalise on tax savings. Employees have access to the same range of听premium EVs with insurance, maintenance and charging included. To date over 300听businesses听have vehicles via an Onto for 老九品茶 subscription.听
As its UK fleet continues to grow,听Onto听hopes to change听the current lack of flexibility and cost competitiveness in existing ownership methods, allowing customers to own less, but have more 鈥� all while leaving a positive impact on the planet.听
Tiyam听Afshari, Partner at Alfven & Didrikson, said:听鈥淲e听are thrilled to partner with Rob and the rest of the听Onto听team in their听endeavors听to accelerate the electrification of cars, reduce emissions and lower the threshold for anyone to drive an EV.听听
鈥淲e are big believers in the transition from car ownership to car听subscription and look forward to an exciting journey together, transforming an industry and ultimately contributing to a positive change for society.鈥澨�听
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