Electric vehicle (EV) subscription service Onto has raised a new credit funding line of £100 million from global investment group CDPQ and independent asset manager Pollen Street.
The company said the asset-backed facility will enable Onto to continue expanding its UK fleet with the latest electric car models.
The new facility builds on the existing relationship between Onto and Pollen Street; Pollen Street has been a finance partner to Onto since July 2021.
The facility also represents a new partnership between Pollen Street and CDPQ.
Rob Jolly, Onto chief executive officer and co-founder, said: “We’re grateful for the support of Pollen Street and CDPQ – it will turbocharge our UK growth plans and consolidate our position as the leading electric car subscription service.
“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.
“The opportunity to provide an alternative to car ownership has also never been more desirable – our subscribers benefit from the convenience, flexibility and choice that come with a monthly subscription model.”
Onto was founded in 2018 and now has more than 7,000 cars in the UK, and began its European expansion last year.
The EV subscription provider attracted investment worth £126m, last year.
The company said since Pollen Street’s first facility in 2021, Onto has doubled the size of its electric car fleet, which includes 25 different car models.
Onto has raised £340 million in total in equity and debt, most recently completing its £45 million Series C raise.
The company said in 2022, Onto subscribers saved 4.8 million litres of petrol, which saved 9,695 tonnes of CO2 from being released into the atmosphere – the equivalent impact of 164,000 trees over 10 years.
The growth of the business has also seen Onto subscribers travel more than 45 million miles in 2022, more than double the previous year.
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