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Ooodles, a UK-based company, secures $12M in funding to expand its device-leasing services.
Device leasing services for small businesses are becoming increasingly popular, with companies like Back Market and Raylo leading the way. Back Market, a marketplace for refurbished devices, has secured significant funding, attaining a $5.7B valuation last year after a D round. Meanwhile, UK-based Raylo, which provides electronics leases, has raised $180.6M from investors such as Octopus Ventures and Channel 4 Ventures.
The refurbished electronics sector has seen significant investor interest, with platforms like Back Market achieving a valuation of $5.7 billion after its Series D funding. Similarly, in the UK, Raylo offers leases for electronics, having secured $180.6 million from investors including Octopus Ventures and Channel 4 Ventures. Despite this, the niche of device leasing services for small businesses and enterprises remains relatively untapped by venture capital.
Typically, companies looking to lease devices have had to rely on smaller IT service providers, which may not always meet their needs. This gap in the market is what UK-based Ooodles aims to fill, as evidenced by its recent $12 million funding round led by Parisian asset manager, Smart Lenders Asset Management (SLAM).
Established in 2021 by industry veteran Leonardo Poggiali, formerly of Sony Mobile and Jawbone, Ooodles provides a Pay-As-You-Go subscription model for leasing high-end laptops, phones, and other hardware. This model not only caters to the financial flexibility of companies but also addresses environmental concerns. According to the UN, approximately 50 million tonnes of e-waste are generated annually, with only 20% being officially recycled and repurposed. By offering a leasing option, Ooodles contributes to the circular economy and helps reduce e-waste.
