Company: Onto
Founders: Rob Jolly and Dannan O’Meachair
Website: https://www.on.to
Business: Monthly subscription for electric vehicles
About Onto
Onto was founded in 2017 and provides a new, accessible and affordable way to join the electric car revolution. In the last four years, Onto has disrupted the car industry, helping consumers move from traditional internal combustion engines to electric cars through their all-inclusive monthly subscription.
Onto is expanding rapidly, partnering with new charging providers, and working with car manufacturers to make many EVs available to suit all budgets. The business in July 2021 raised $175 million in its Series B funding round to expand within the UK.
Society’s interest in subscription services continues to grow and Onto taps into that trend away from ownership. Conversations around sustainability are gaining momentum, especially off the back of the COP26 climate change conference in Glasgow where there was a strong focus on the mass rollout of electric vehicles.
With record figures of almost 33,000 pure electric cars registered in September 2021, almost 50% higher than last year according to the Society of Motor Manufacturers and Traders (SMMT), coupled with the ULEZ extension in London and considerations of this in more cities within the UK – more people are looking for ways to make the switch.
Buying a car isn’t easy and is often considered one of the worst investments. Onto gives people an alternative option where having a car on subscription is simpler and more affordable than purchasing or leasing a car. Subscribers have a choice of 20 models for as little as £339 a month, with no deposit and including charging at 11,000 points, insurance, servicing and breakdown cover.
Not only that, but electric vehicles are a relatively new and complex entity. Most mainstream buyers are reluctant to commit to an unknown technology, and it’s an expensive risk to take. Onto gives subscribers the flexibility to swap cars and make an informed decision on the model they like whilst also having access to the latest technology that continues to develop at a rapid pace.
Onto, like many other businesses, faced unprecedented challenges over the past 18 months. Not only has a pandemic impacted mobility globally, but chip shortages halted vehicle manufacturing. The recent driver shortage severely impacted supply chain delivery, and the petrol crisis increased the immediate demand for electric cars.
Government cuts to electric vehicle grants threaten electric car adoption and accessibility. It’s been a testing time for the industry.
As the business moves into 2022 the focus is on scaling. Onto is due to have 6,000 cars by the end of this year and is expecting to more than double by the end of next year. At the same time, Onto is constantly looking to provide its customers with increased car choice and improved customer experience through developing new partnerships with manufacturers and EV ecosystem partners.
Ultimately, Onto’s all-inclusive subscription service removes all the hassle that comes from owning a car and provides consumers with what they need; a flexible, cost-effective and accessible way to join the EV revolution.
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