Onto raises $60M in Series C funding; plans to expand in Europe

By Sakina Raj  | Date: 2022-07-28

Onto raises $60M in Series C funding; plans to expand in Europe

Onto, an all-inclusive EV subscription service provider, has reportedly secured a funding of $60 million in a Series C funding round. Apparently, Legal & General, a well-known asset management and financial services firm in London, led the funding round.

Existing investors, such as the family office of Jim O’Neill, Accelerated Digital Ventures, Alfven and Didrikson, and Cerebrum Tech Limited also participated in the funding round.

Reports suggest that the Series C funding has raised Onto’s capital to more than $330 million in debt and equity.

Notably, the U.K-based firm claims to have witnessed more than 500% growth in 2021, further stating that the development comes despite the universal shortage of semiconductor chips that created challenges in the industry.

Reportedly, Onto also revealed that it would utilize the proceeds to consolidate its leadership position in the United Kingdom and further expand through Europe, beginning with Germany in 2023.

Not to mention, the firm already houses an office in Germany, which is led by Joerg Feldheim, recently appointed Managing Director, Germany.

Rob Jolly, Co-Founder and Chief Executive Officer, Onto, mentioned that the latest round of investment is the milestone for the firm as it paves way for its journey in Europe.

Rob expressed the team’s excitement in delivering unique solution and claimed that Germany, which is the largest car-manufacturing nation in Europe with an elongated history in automation, is a market with great appetite and immense potential for electric cars. .

For the record, Onto, established in 2017 by Dannan O’Meachair and Rob Jolly assists motorists to join the electric vehicle revolution on the basis of subscription barring long-time commitments or huge deposits. It’s business model helps people sign up for an EV using a monthly subscription.

Source Credits: - https://siliconcanals.com/crowdfunding/onto-secures-59-1m/

About Author

Sakina Raj     aeresearch.net

Sakina Raj

Armed with a degree in English Literature, Sakina chose to explore the world of content writing and pursue it as a career. Sakina has been playing with words for over five years now and currently pens down articles relating to diverse domains for BonafideNews and vari...

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