Car subscription service Onto has raised £49.8m to fund its expansion into Europe next year.
The equity comes from a Series C funding round, led by Legal & General. It will enable the business to consolidate leadership in the UK and build a business in Germany.
Onto has experienced rapid growth, despite the global semiconductor chip shortage creating challenges in the industry, having grown more than 500% last year.
Rob Jolly, CEO and co-founder at Onto, said: “This funding round is a huge milestone for Onto as it sets us off on our journey to Europe. Germany, a nation with an incredible automotive history as Europe’s biggest car-producing country, is a market with huge potential and a great appetite for electric cars. We’re excited to offer something different.”
The company already has an office in Germany and has appointed Joerg Feldheim as managing director of Onto Germany. Having worked in leadership roles in the automotive industry for over two decades, he brings extensive international startup, management and transformation experience to drive the company’s…
