Onto raises €113m credit facility, for vehicle subscription service

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UK-based Onto is a vehicle subscription service, working to accelerate EV adoption by making access to electric vehicles easy, flexible & affordable. Through its all-inclusive packages, Onto eliminates the hassle of long-term contracts & large upfront deposit payments, as well as the seemingly endless paperwork usually associated with traditional leasing programs. Onto’s subscriptions run monthly. One can then choose to continue the subscription, cancel, or swap to a different model. Onto’s subscriptions include insurance, road tax, public charging, breakdown cover, servicing & free public charging. The monthly subscription comes with 750 miles. One can then pay extra to enjoy driving many more miles by purchasing a mileage package. These packages can give you 250, 500, 750 or 1,000 extra miles. Currently, the platform gives people access to over 25 different car models (2x what it was in 2021) & there are 7,000 Onto cars being driven in the UK. With this credit line, the company will be able to keep growing & help push forward the shift to electric mobility across the continent. Onto was founded in 2018 by Rob Jolly (CEO) & Dannan O’Meachair (VP People). <Source: cleantechnica.com, eu-startups.com, fleetnews.co.uk, siliconcanals.com>