Onto goes into administration

European electric car subscription startup Onto has entered administration.

In July, it was reported that one of Onto’s investors, Legal & General, informed the startup that it will not provide additional funding following a capital injection of £22.5 million earlier in the year. L&G also led Onto’s $60 million Series C round last year.

Founded in 2017, Onto offers access to electric cars, without long-term obligations. Through a monthly all-inclusive subscription, customers can get an EV including insurance, public charging, and maintenance.

Onto had more than 7,000 EVs in its fleet by the start of 2023 and a total of around 20,000 customers over the last five years.

“Onto has suffered from the steep fall in electric vehicle residual value in the first half of 2023, rising interest rates and the squeeze on disposable income and was unable to secure additional funding from its shareholders. After entering administration, Onto will continue to serve existing customers as the administrators explore strategic options.” – Gavin Maher, joint administrator.