Today we’re excited to announce Onto, the rapidly growing and leading EV subscription service in the UK, as the latest addition to the A&D family.
Founded in 2017 by Rob Jolly and Dannan O’Meachair, Onto is on a journey to transform the traditional car ownership model by offering an all-inclusive electric car subscription service whilst at the same time reducing emissions.
All-inclusive means that for a fixed monthly price you receive an electric car with costs such as insurance, charging, servicing and road tax included. Despite the relatively young age of the company, Onto is already the single largest buyer of EV’s in the UK, standing at the forefront of the transition from petrol and diesel to electric cars, driving a huge positive environmental impact and building a greener future.
Unlike traditional lease or rental agreements, Onto subscriptions are provided without long-term commitment and large up-front deposits. This means that subscribers can step into the world of EVs and swap their vehicle to suit their changing lifestyle, without being tied into a long contract or faced with large upfront costs.
With the rise of the subscription economy and a growing demand for electric vehicles, the new capital will help Onto accelerate the expansion of its popular subscription model. Alfvén & Didrikson have led the investment round of total SEK 1.5 billion, a combination of debt and equity, with participation from existing investors Legal and General, Campden Hill Capital and JamJar as well as new investments from TotalEnergies Ventures, Vlerick Group, Dutch insurer Aechmea and the family office of ex-Goldman Sachs Chairman and Member of the House of Lords, Jim O’Neill. Pollen Street Capital supported the round with a senior-secured debt facility.
For more information, visit www.on.to, and for those of you based in the UK keen on switching to hassle-free car access with a positive impact on the climate, make sure to try out the service.
Tiyam Afshari and Måns Alfvén have led the work on the investment and both will join the company’s Board of Directors.
/ The team at Alfvén & Didrikson