Legal & General backs Onto for the second time

All-inclusive electric car subscription service Onto has closed a $60 million Series C funding round led by Legal & General . The round will enable the business to consolidate leadership in the UK and expand into Europe, starting with Germany.

Founded in 2017, Onto offers private and business users easy access to electric cars, without long-term obligations. Through a monthly cancelable all-inclusive subscription, customers get the latest electric vehicles at their disposal, including insurance, public charging, and maintenance.

The company claims it has grown by more than 500% last year – despite the global semiconductor chip shortage creating challenges in the industry.

The Series C raise brings Onto’s total funding to $245 million according to Crunchbase.

Bottom Line: One of several insurer-backed EV companies covered in our report on commercial mobility.