News release Onto

Onto raises £100M credit facility from CDPQ and Pollen Street to accelerate the shift to electric mobility

Fixed Income London and Montréal,

Electric car subscription service Onto raises a new credit funding line of £100 million (approximately CAD 153 million) from global investment group CDPQ and independent asset manager Pollen Street, boosting its mission to accelerate electric car adoption and provide a flexible alternative to the traditional car ownership model.

The £100 million asset-backed facility will enable Onto to continue expanding its UK fleet with the latest electric car models. This new facility builds on the existing relationship between Onto and Pollen Street; Pollen Street has been a finance partner to Onto since July 2021. The facility also represents a new partnership between Pollen Street and CDPQ.

Onto's monthly subscription model is all-inclusive of insurance, breakdown cover and free public charging. It empowers subscribers with flexibility - no deposit, no long-term commitment and the option to swap cars or stop the subscription every month.

Rob Jolly, Onto CEO & Co-Founder, said:
“We’re grateful for the support of Pollen Street and CDPQ - it will turbocharge our UK growth plans and consolidate our position as the leading electric car subscription service. This is a pivotal moment for the adoption of electric cars and at Onto we want to make them more accessible and affordable to people who want to make environmentally-conscious choices. The opportunity to provide an alternative to car ownership has also never been more desirable - our subscribers benefit from the convenience, flexibility and choice that come with a monthly subscription model.”

Marc Cormier, Executive Vice-President and Head of Fixed Income at CDPQ, said: 
“Onto provides an attractive and comprehensive subscription alternative to access EVs in an industry gaining momentum for environmentally-friendly modes of transportation. Building on the experience of investing in other asset-backed platforms by our Capital Solutions team—which provides flexible and innovative capital solutions to meet the evolving needs of companies—this financing will support Onto’s growing EV fleet. Working alongside partners like Pollen Street, we look forward to helping European businesses position themselves for growth while advancing our objective of contributing to the decarbonization of the real economy.”

Matthew Potter, Partner at Pollen Street Capital, said: 
“Building on our relationship with Onto, we are excited to once again work with a business that has a strong mission to enable access to electric vehicles and encourage the switch to greener mobility. This funding will play an important role in supporting Onto’s growth and aligns strongly with Pollen Street’s commitment to investments that drive a positive impact. We are also thrilled to partner with CDPQ on this facility, providing Onto with the joint funding to drive its 2023 goals, together. CDPQ is a fantastic partner and we look forward to working with the team.”

Onto was founded in 2018 and has grown to become the largest electric car subscription service in Europe, with over 7,000 cars in the UK. Since Pollen Street’s first facility in 2021, Onto has doubled the size of its electric car fleet, which now includes 25 different car models. Onto has raised £340 million in total in equity and debt, most recently completing its £45 million Series C raise. In 2022, the business was recognized by Deloitte as the fourth fastest growing UK tech business in its Fast 50 list.

In 2022, Onto subscribers saved 4.8 million litres of petrol, which saved 9,695 tonnes of CO2 from being released into the atmosphere - the equivalent impact of 164,000 trees over 10 years. The growth of the business has also seen Onto subscribers travel over 45 million miles in 2022, more than double the previous year.

About Onto

Onto is an electric car subscription service, founded in 2018 by Rob Jolly and Dannan O’Meachair. Its monthly car subscription is all-inclusive, which covers insurance, servicing, and public charging at over 11,000 UK charging points; providing a flexible, convenient and hassle-free way to drive electric. Onto offers a wide range of different electric cars to choose from, including models from Renault, Peugeot, Volkswagen, Audi and Tesla, and many more. Subscription prices start from £399 per month with no deposit needed, and subscribers have the month-to-month flexibility to swap car models or end their subscription. With over 7,000 electric cars, Onto has grown to become the largest electric car fleet in the UK and is Europe’s leading electric car subscription service. In 2022, the business was recognised by Deloitte as the fourth fastest growing UK tech business in its Fast 50 list.

About CDPQ

At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public retirement and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at As at June 30, 2022, CDPQ’s net assets totalled CAD 391.6 billion. For more information, visit, follow us on Twitter or consult our Facebook or LinkedIn pages.

CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries.

About Pollen Street Capital

Pollen Street is a fast growing, purpose led and high performing private capital asset manager. Established in 2013, the firm has built deep capability across the real estate, financial and business services sector aligned with mega-trends shaping the future of the industry. Pollen Street manages over £3.3bn AUM across private equity and credit strategies on behalf of investors including leading public and corporate pension funds, insurance companies, sovereign wealth funds, endowments and foundations, asset managers, banks, and family offices from around the world. Pollen Street has a team of over 80 professionals with offices in London and New York City.

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