Legal & General has led a $60 million Series C funding round in electric car subscription service Onto. The round will enable the business to consolidate its position in the UK and expand into Europe, beginning with Germany.
Existing investors including Alfvén & Didrikson, Accelerated Digital Ventures, Campden Hill, and the family office of Jim O’Neill, also participated in the round. The Series C raise brings Onto’s total funding to date to over $330 million in equity and debt.
Onto’s business model enables people to subscribe to an electric car on a monthly contract. The subscriptions are inclusive of public charging, insurance and breakdown cover, without any upfront deposit or long-term commitment. Onto will use the investment to launch into Germany in 2023 as it looks to accelerate electric car adoption in mainland Europe.
Onto’s monthly subscription service includes 750 miles per month, insurance, servicing and maintenance, and free public charging at more than 12,500 points via its UK network of charging partners – Shell Recharge, BP Pulse, InstaVolt and Tesla Supercharger.
