Investment announcement - we've raised $60M USD in a Series C funding round!

Onto News and Updates
#1

Round comms v4_community_690x500

We’re delighted to announce that we have raised $60M USD in equity in a Series C funding round!

This investment will enable us to continue to grow our offering as the leading car subscription service in the UK and expand into mainland Europe, starting with Germany in 2023.

As the eagle-eyed among you may have noticed, we have already opened an office in Germany and recently welcomed our newly appointed Managing Director of Germany, Joerg Feldheim as we begin this exciting new chapter.

We’d like to take this opportunity to say thank you to every one of you for being with us on this journey. We are truly proud of the success that has already been achieved and look forward to bringing the benefits of electric car subscriptions to new people in new places!

Read more about our funding round here.

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#2

Joerg Feldheim has a pretty interesting background/locations around the world.
Exciting times and it will be interesting to see what the German fleet consists of when launched.

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#3

He worked for Hertz for 9 years so may have been headhunted by Rui.

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#4

The round was led by Legal & General, with participation from existing investors, including Alfvén & Didrikson, Accelerated Digital Ventures, Cerebrum Tech Limited, and the family office of Jim O’Neill. The latest round brings the total raised to date to over $300 million in equity and debt.

My pension now depends on how ONTO perform!

Can everyone now upgrade to a more expensive vehicle please :wink:

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#5

I’ll swap the Zoe to a Sono Sion (because those are definitely going to make it onto the German fleet :wink:) and the I-Pace to a Fisker Ocean next year. Trust that helps :joy:

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#6

Didn’t really need an eagle eye for Germany. It was on LinkedIn for me.

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#7

OK - will do my best.

Although I seem to have a motley collection of Tesla, some pot-luck battery firm and some hydrogen- related stuff, so the chances of my pension helping yours are … slim

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#8

Tell ONTO to bring something exciting with long-range between £700-£800 and I will switch :crazy_face:

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#9

If demand grows and the business continues to expand could we ever see a return to the old prices? Like many I was priced out but do miss the Zoe, £399 was just about ok for me.

#10

Extremely unlikely in the foreseeable future. All manufacturers are steadily increasing prices due to all the current global issues.

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#11

@ash104 As @burnt_crisps2 said unfortunately our costs have significantly increased everywhere from vehicle costs to charging costs. We hate putting prices up but we constantly review options when infleeting new models to ensure we remain as competitive as possible and our goal is to have something for everyone.

Whilst I don’t know what the future holds, I know that our senior leadership team always have our customers best interests at heart when making changes and we only increase costs where absolutely necessary.

As we expand our fleet in the coming months and bring more options, we hope we have something to suit everyone’s needs.

Dan

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#12

That sounds interesting. Any more information or teasers, Dan?

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#13

@E7EV unfortunately not my friend however as usual if we’re about to launch new models I’m sure our friends in the marketing team will tease you all for a while before announcing anything !

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#14

@Dan_at_Onto Why the cloak and dagger though? Just tell people what’s coming, get people interested and excited - signed up in advance and when the availability is announced, the cars will be snapped up by people interested.

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#15

Hi @Dan_at_Onto

I agree with @Kev, why keep things secret until the last minute? Surely it would be better for the business to announce and release a conservative number of pre orders for new models as early as possible, to get deposit money in the bank?

For example, I am looking forward to the Fisker Ocean and would gladly pay a month up front right now to secure one. If it is true that Onto will get 700 then why not open up pre orders now for a a few hundred of them, and take my money!

#16

@Kev @Sparky hey guys, I think there’s some crossed wires here let me explain…

I assure you we don’t intentionally keep information from our customers. The simple reason behind it is because until our team have signed all the documents and got dates confirmed for new cars we can’t guarantee officially a vehicle is being released. Once these are confirmed is usually when you guys get the emails or teaser emails announcing new cars.

There’s always a possibility a deal could fall through and it would be harsh of us to announce a car then tell everyone they can’t have one because somethings gone wrong.

I know it’s frustrating but we’re just trying to make your experience the best it can be and avoid disappointment

Thanks guys!
Dan

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#17

That’s eminently sensible - and especially in current times with such widespread supply issues, we know how Onto have been struggling, even once deals are signed, to get things in on a sensible timescale.

Plus, for example I know how lucky we might be - my whim to change cars was effectively satisfied within a couple of weeks. If I look on various Facebook groups I can see people who ordered them months and months ago and I’ve effectively jumped the queue through Onto’s buying power.

Yin and yang! :yin_yang:

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#18

Hi @Dan_at_Onto!
We completely understand what you’re saying, but how about this …

Say something like: " Hypothetically we might get … "

We just love to talk about EV’s :red_car: :upside_down_face:

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#19

@Zak78 Hey Zak

That makes sense, honestly I can talk about EV’s for days especially with how fast they’re developing and improving almost by the day.

Currently when we’re in discussions with suppliers they can take a while and we go through multiple tests, reviews on specs and screening before we make a decision on what we’re going to buy. This is where the complex part comes in as we could be considering a vast array of cars but then settle on only one or two of them, sometimes none depending on whether its viable and we can make it a competitive cost for our customers.

On a positive note, as you’ve probably seen on here we’ve just changed some of our systems and one of the things on our list in the near future is to improve and grow our online community and get you guys more involved with Onto and what we’re doing.

I’ll absolutely feed this back to our internal teams for you though because I can definitely see the benefit in you guys being involved in our decision making process if that’s possible.

Dan

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#20

Any of the EV’s listed here…

That are not currently on the Onto fleet

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