London-based Onto, an all-inclusive electric car subscription service provider, announced on Wednesday that it has raised a £100M (approximately €113.41M) credit facility from global investment group CDPQ and independent asset manager Pollen Street.
Pollen Street has been a financial partner of Onto since July 2021 The facility also represents a fresh collaboration between Pollen Street and CDPQ.
Marc Cormier, Executive VP and Head of Fixed Income at CDPQ, says, “Onto provides an attractive and comprehensive subscription alternative to access EVs in an industry gaining momentum for environmentally-friendly modes of transportation. This financing will support Onto’s growing EV fleet.”
Onto claims that the funds will help in its mission to accelerate electric car adoption and provide a flexible alternative to the traditional car ownership model. The company will also invest in expanding its UK fleet with the latest electric car models.
Rob Jolly, Onto CEO and co-founder, says, “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 also never been more desirable – our subscribers benefit from the convenience, flexibility and choice that come with a monthly subscription model,” adds Jolly.
“Europe’s largest electric car subscription service”
Founded in 2017 by Rob Jolly and Dannan O’Meachair, Onto is an all-inclusive electric car subscription company that helps motorists join the EV revolution. Its monthly subscription model includes insurance, breakdown cover and free public charging.
Onto’s business model taps into three key trends. It focuses on users over ownership, giving drivers more choice and flexibility around the car they drive – which means no deposit, no long-term commitment and the option to swap cars or stop the subscription every month.
The company is digitising the complete user journey. Onto is focusing on the ease of the user journey as it helps meet rising customer demand for convenience and ease of use, from signing up and booking a car online to having it delivered to one’s door in just a few days.
The company claims that its subscription service has proved a hit with consumers, enabling many to move away from the traditional internal combustion engine.
Since 2018, Onto has grown by forming alliances with new charging and EV manufacturers as more models become available to meet all price ranges. Currently, there are 25 different car models available.
The company recently raised £45M in a Series C round of funding.