Onto raises $175 million Series B in a combination of debt and equity deal

Onto, a Warwick, UK-based business providing an electric car subscription service, announced securing series B funding round.

The deal was made for a total value of $175 million, a combination of debt and equity led by Alfvén & Didrikson on the equity raise, and with Pollen Street Capital providing a senior-secured asset backed debt facility. Other contributors included ADV (Legal and General), Cerebrum Tech Limited and JamJar also participated in the oversubscribed equity round, alongside new investments from TotalEnergies Ventures, Vlerick Group, Dutch insurer Achmea Innovation Fund and, the family office of ex-Goldman Sachs Asset Management Chairman and Member of the House of Lords, Jim O’Neill.

Lazard acted as financial advisors to Onto for the equity, and Deloitte for the debt. Pollen Street Capital supported the round with a senior-secured asset-backed debt facility. The Series B raise brings Onto’s total funding to date to $245 million.

Onto, founded in 2017 by Dannan O'Meachair and CEO Rob Jolly, offers UK-wide home delivery on all its vehicles and the subscription model includes 1,000 miles per month, insurance, service and repair, and free access to more than 11,000 public EV charge points via its network of charging partners. Onto has partnerships with Shell Recharge, BP Pulse, InstaVolt and Tesla Supercharger to bolster its all-inclusive subscription offer and combat charge anxiety among consumers.