Onto secures £100m credit to buy more electric cars

Onto credit Image credit: Onto

Electric car subscription platform Onto has secured £100m of credit funding from the investment group CDPQ and asset manager Pollen Street.

The £100m credit will be used by Onto to purchase more electric cars, which it leases out to customers with a monthly fee that includes insurance, breakdown cover and public charging.

“This is a pivotal moment for the adoption of electric cars and at Onto we want to make them more accessible and affordable to people who want to make environmentally-conscious choices,” said Rob Jolly, CEO and co-founder, Onto.

Last year Onto raised £45m in Series C funding, led by Legal & General, to support its European expansion. Across equity and debt Onto has received £340m in funding.

According to the Warwick-headquartered mobility startup, it now has more than 7,000 cars in the UK.

Matthew Potter, partner at Pollen Street Capital, said: “Building on our relationship with Onto, we are excited to once again work with a business that has a strong mission to enable access to electric vehicles and encourage the switch to greener mobility. This funding will play an important role in supporting Onto’s growth…”

Onto was founded in 2018 by Jolly and Dannan O’Meachair. The company is looking to capitalise on the shift to electric vehicles, with the government set to ban the sale of new petrol and diesel cars in 2030.