Low-carbon transition | August 2, 2022

Onto raises $60 million for electric-vehicles-as-a-service in Germany

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, August 2 — U.K.-based Onto launched in 2017 to promote consumer usership, not ownership, of electric vehicles. Onto’s all-inclusive monthly subscription service lets drivers select from 18 EV models, starting at £489 ($595) per month with no deposit or long-term commitment.

Customers can drive up to 750 miles a month; Onto takes care of maintenance, charging, road tax and insurance. “Making it simple and easy to get an electric car is essential to building a sustainable future,” said Onto’s Rob Jolly.

More than 100 companies have signed up for the business version, launched in 2020, which enables companies to offer the service as an employee benefit.

European expansion

Onto says the business grew more than 500% last year, despite supply-chain disruptions. The Series C equity round, which brings the company’s total raised to $330 million in equity and debt, will help it expand to Germany next year.

Investors include Legal & General, Accelerated Digital Ventures and others.