Onto, a London-based all-inclusive electric car subscription platform, has secured £100M in a new credit facility from CDPQ and Pollen Street, who has been a finance partner to Onto since July 2021.
Onto will deploy funds towards expanding its UK fleet with the latest electric car models. The announcement comes over six months after raising $60M in a Series C round.
Onto has raised £340M in equity and debt to date.
Rob Jolly, Onto CEO & Co-Founder, said, “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 never been more desirable – our subscribers benefit from the convenience, flexibility, and choice of a monthly subscription model.”
Monthly electric car subscription
Founded by Rob Jolly and Dannan O’Meachair in 2018, Onto is a monthly electric car subscription that covers insurance, servicing, and public charging at over 11,000 UK charging points.
Currently, the platform offers various cars from 25 models, including Renault, Peugeot, Volkswagen, Audi and Tesla, and many more.
Subscription prices start from £399 per month with no deposit needed. The platform also offers the flexibility to swap car models or end their subscriptions.
With over 7,000 electric cars, Onto’s subscribers saved 4.8 million litres of petrol, which saved 9,695 tonnes of CO2 from being released into the atmosphere – the equivalent impact of 164,000 trees over ten years.
The growth of the business has also seen Onto subscribers travel over 45 million miles in 2022, more than double the previous year.
Matthew Potter, Partner at Pollen Street Capital, said, “Building on our relationship with Onto, we are excited to once again work with a business that has a strong mission to enable access to electric vehicles and encourage the switch to greener mobility. This funding will play an important role in supporting Onto’s growth and aligns strongly with Pollen Street’s commitment to investments that drive a positive impact. We are also thrilled to partner with CDPQ on this facility, providing Onto with the joint funding to drive its 2023 goals together. CDPQ is a fantastic partner, and we look forward to working with the team.”
Marc Cormier, Executive Vice-President and Head of Fixed Income at CDPQ, said, “Onto provides an attractive and comprehensive subscription alternative to access EVs in an industry gaining momentum for environmentally-friendly modes of transportation. Building on the experience of investing in other asset-backed platforms by our Capital Solutions team—which provides flexible and innovative capital solutions to meet the evolving needs of companies—this financing will support Onto’s growing EV fleet. Working alongside partners like Pollen Street, we look forward to helping European businesses position themselves for growth while advancing our objective of contributing to the decarbonisation of the real economy.”
