Warwick-based Onto secures £100m credit facility
Onto, a Warwick-based electric car subscription service, has raised a new credit funding line of £100 million.
It follows the firm’s July 2022 equity raise of £45 million, and growth across last year of 300 per cent.
The credit line has been secured from global investment group CDPQ and independent asset manager Pollen Street to enable the firm to continue to expand its UK fleet with the latest electric car models.
The existing partnership between Onto and Pollen Street dates back to July 2021, with the recent deal also forging a new relationship between CDPQ and Pollen Street.
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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.”
Marc Cormier, Executive Vice-President and Head of Fixed Income at CDPQ, said: “Building on the experience of investing in other asset-backed platforms by our Capital Solutions team, this financing will support Onto’s growing EV fleet.”
Matthew Potter, Partner at Pollen Street Capital, said: 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.”
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