UK-based electric vehicle (EV) subscription service Onto secured $175m yesterday in a series B equity and debt round that included Legal & General, Achmea and TotalEnergies.
Venture capital firm Alfvén & Didrikson led the equity portion of the round, which also featured Cerebrum Tech, JamJar Investments, family-owned holding Vlerick Group and Jim O’Neill’s family office, while Pollen Street Capital supplied a senior-secured asset backed debt facility.
Insurance and financial services firm Legal & General invested through VC platform Accelerated Digital Ventures (ADV), while healthcare insurer Achmea and oil and gas supplier TotalEnergies deployed capital through Achmea Innovation Fund and TotalEnergies Ventures respectively.
Onto provides an electric car subscription model which includes 1,000 miles per month, insurance, servicing and repair as well as free access to more than 11,000 public EV charge points. It has partnerships with Shell Recharge, BP Pulse, InstaVolt and Tesla Supercharger.
The funding will further accelerate the expansion of Onto’s subscription business across the UK while supporting plans to export its model to other markets in the future.
The company said the round brought its overall financing to $245m and it named ADV, Cerebrum Tech and JamJar Investments as existing investors.
Rob Jolly, Onto’s chief executive, said: “At Onto we’ve been changing the rules of the game for car ownership through our no-commitment, all-inclusive subscription service. Our focus is on providing an easy, flexible and affordable alternative, and we are seeing huge demand.
“This funding will allow us to further expand our operations in the UK and help more customers step into the world of EVs without being tied into long contracts or faced with large upfront costs.”
Lazard was financial adviser for Onto for the equity raise while Deloitte advised the company on the debt financing.