Onto, a British electric vehicle subscription service, has completed a Series C funding round of 59.1 million euros from investors. The new capital will be used to expand their electric vehicle fleet and expand services outside of the UK.
Germany is the target market for Onto which is expected to start in early 2023. Onto itself already has an office in Germany, led by Joerg Feldheim.
“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.” said Rob Jolly, CEO and co-founder of Onto.
The company currently has more than $330 million in equity and debt. The funding round was led by London-based Legal & General. Longtime investors Alfvén & Didrikson, Accelerated Digital Ventures and Cerebrum Tech Limited also participated in Series C.
By July 2021 Onto had raised $175 million, including leading investor TotalEnergies. The Series B upgrade brings Onto’s total funding to $245 million (approximately €208 million).
Onto’s monthly subscription model includes free electric car delivery, 1,000 miles per month, insurance, service and repair, and free access to over 12,000 public EV charging points through its network of charging partners.
Onto currently has 18 electric vehicle models in their fleet, with monthly subscriptions starting at £489. Onto has around 6,000 active subscribers in the UK.