Onto, an electric car subscription service provider, has raised $60m in a Series C funding round led by Legal & General.
The round was joined by Onto’s existing backers including Alfvén & Didrikson, Accelerated Digital Ventures, Cerebrum Tech Limited, and the family office of Jim O’Neill.
The latest round brings Onto’s total funding to date to over $330m in equity and debt.
Onto, which is an all-inclusive EV subscription provider, will use the proceeds to bolster its position in the UK and expand operations in Europe, starting from Germany in 2023.
The mobility services provider allows customers to subscribe to an EV on a monthly contract. Last year, the business is said to have grown by 500%.
Onto’s subscription services are believed to cover 750 miles per month, insurance, servicing and maintenance, and free public charging at over 12,500 points.
Onto CEO and co-founder Rob Jolly said: “Germany, a nation with an incredible automotive history as Europe’s biggest car-producing country, is a market with huge potential and a great appetite for electric cars.
“A recent EY Consumer Index study showed 49% of car buyers want an electric vehicle as their next car, with upfront costs and concerns about charging seen as the most significant barriers for first-time EV buyers.
“With almost 90% of our customers preferring the convenience of an all-inclusive package that covers everything – even public charging – our unique proposition addresses these customers’ needs with a choice of 18 car models.”
Legal & General managing director of fintech Wian Pieterse said: “Onto has grown rapidly over the last four years, and we’re looking forward to working with the team to help the business scale and expand into new markets, all while investing to benefit the future of our society”.
Onto’s expansion plans come as the German government plans to cut subsidies offered on EVs from the next year.