UK-based Onto is an all-inclusive electric car subscription service. Today, the company has announced that it has raised $175M (€148.5M) in a combined equity and debt Series B funding round led by Alfvén & Didrikson on the equity raise, and with Pollen Street Capital providing a senior-secured asset-backed debt facility.
Existing investors ADV (Legal and General), Cerebrum Tech Limited and JamJar also participated in the oversubscribed equity round, alongside new investments from TotalEnergies Ventures, Vlerick Group, Dutch insurer Achmea Innovation Fund and, the family office of ex-Goldman Sachs Asset Management Chairman and Member of the House of Lords, Jim O’Neill. Lazard acted as financial advisor to Onto. Pollen Street Capital supported the round with a senior-secured asset-backed debt facility. The Series B raise brings Onto’s total funding to date to $245M (approx €207.8M).