Case study - Onto

About Onto

Prior to setting up Onto, Rob Jolly worked for five years at Jaguar Land Rover (JLR). Initially, he took the concept of an electric vehicle subscription service to JLR's in-house business incubator. However, it was quickly recognized that developing the idea as a JLR captive company had significant limitations.

Rob received approval to develop the idea outside of JLR and left to form Onto in 2017. Onto offers all-inclusive electric vehicle subscriptions on a monthly rolling contract, providing all the benefits of car ownership with none of the hassle.

Industry
Automotive

Funds for
Stock & product

Business model
Subscription service

“We have doubled in size in the last quarter and are due to double in size again this quarter!”

Rob Jolly, Founder of ONTO

Challenge

Onto had a large backlog of orders and needed funding to expand their fleet of electric cars. The demand for their subscription service was high, but the company required substantial capital to purchase additional vehicles and scale up operations to meet this growing demand.

Solution

Outfund was able to provide fast and flexible funding to Onto, allowing them to fulfil orders and meet demand. Outfund’s revenue-based financing model offered the speed and flexibility that Onto needed to scale rapidly. This model enabled Onto to access capital in alignment with their revenue, ensuring that repayments were manageable and growth was sustainable.

Getting funded

With the funding secured from Outfund, Onto expanded their fleet significantly. The capital infusion allowed them to purchase more electric vehicles, and enhance their subscription service. This strategic investment in resources and technology positioned Onto to better meet customer demand and scale efficiently.

Results

Since joining forces with Outfund, Onto has experienced exponential growth. The company now boasts the UK's largest fleet of electric vehicles, and their business has doubled in size in the last quarter alone. Onto is on track to double in size every six months, a testament to the effectiveness of the funding and their robust business model.

The successful scaling of their operations has positioned Onto for a significant Series B fundraising round. Rob Jolly is extremely excited about Onto's growth trajectory and the future prospects that lie ahead.