EV subscription service Onto has raised $175 million in venture capital funding to help expand its operations in the UK.
Onto, which provides all-inclusive EV cars to users from £339 per month, believes that its subscription model will lead to a big shift in the way people buy electric cars in the UK.
“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,” says Rob Jolly Onto’s CEO.
The funding itself was led by VC fund Alfvén & Didrikson and brings Onto’s total funding so far to $245 million.
“We are big believers in the transition from car ownership to car subscription and look forward to an exciting journey together, transforming an industry and ultimately contributing to a positive change for society,” says Tiyam Afshari, Partner and Alfvén & Didrikson.
Onto offers UK-wide home delivery on all its vehicles and the subscription model includes 1,000 miles per month, insurance, service and repair, and free access to more than 11,000 public EV charge points via its network of charging partners.
It also has partnerships with Shell Recharge, BP Pulse, InstaVolt, and Tesla Supercharger to bolster its all-inclusive subscription offer and combat charge anxiety among consumers.
As its UK fleet continues to grow, Onto hopes to change the current lack of flexibility and cost competitiveness in existing ownership methods, allowing customers to own less, but have more – all while leaving a positive impact on the planet.
However, Onto also operates a service for company cars – Onto for Business.
It was launched back in 2020 and provides companies with a flexible, no-commitment car subscription solution for their employees. With zero-emission cars exempt from Benefit-In-Kind tax, both the employer and employee can capitalise on tax savings. Employees have access to the same range of premium EVs with insurance, maintenance and charging included. To date over 300 businesses have vehicles via an Onto for Business subscription.
Perhaps this new funding will lead Onto bigger and better things.