Electric car subscription service Onto has raised £100 million in a funding round led by global investment group CDPQ and asset manager Pollen Street. The funding, which takes Onto’s total capital raised to £340 million, will be used to expand the company’s fleet of electric cars in the UK.
Founded in 2018, Onto currently operates over 7,000 electric cars in the UK as part of a subscription service that includes free delivery, 1,000 miles per month, insurance, service and repair, and access to more than 12,000 public EV charge points. The service also includes access to more than 25 different car models.
See also: EV subscription service Onto raises $60M USD to launch European expansion
Onto’s CEO, Rob Jolly, said the funding would “turbocharge our UK growth plans and consolidate our position as the leading electric car subscription service.” The company had previously announced plans to expand to Germany and other markets in 2022, but today’s funding round did not confirm any move of this kind.
In addition to its consumer service, Onto also offers a B2B service called “Onto for Business” which provides employees with access to the same EV range, with insurance, maintenance, and charging included. The service is currently used by around 300 businesses in the UK.
See also: Onto added 600 electric cars from Peugeot to its fleet
This funding round represents a new partnership between Pollen Street and CDPQ. Marc Cormier, Executive Vice-President and Head of Fixed Income at CDPQ, said, “Building on the experience of investing in other asset-backed platforms by our Capital Solutions team, this financing will support Onto’s growing EV fleet.”
