Ooodles funding news – UK-based Ooodles Secures $12 Million in Funding

The funds will help it to expand its services in the UK and prepare for international growth. The company also plans to become carbon-neutral by 2025.

What problem does it solve?

The UN reports that around 50 million tonnes of e-waste are created every year, which is as heavy as all the commercial airplanes ever built. However, only 20% of this waste is properly recycled. If things don't change, e-waste could more than double by 2050, reaching 120 million tonnes a year.

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To help tackle this, the UN has set guidelines to reduce e-waste. It is a Device-as-a-Service company, is working toward this goal by offering small businesses access to high-quality laptops, phones, and other essential tech on a flexible and sustainable monthly rental basis.

Flexible Tech Rental Service

Instead of small businesses paying a large upfront cost for tech that loses value quickly, Ooodles offers a new way. It provides a flexible, Pay-As-You-Go subscription where businesses can easily get the tech they need, return what they don’t, and upgrade whenever they want—all online.

This approach helps businesses save money for other important investments and reduces the costs of outdated tech. It also keeps teams up-to-date with the latest devices and security, while eliminating the hassle of managing and tracking equipment. Everything is done through a simple, digital platform that handles everything from credit checks to inventory and upgrades.

Customer Base

Ooodles' customer base is set to triple by the end of 2023. One of its clients, HALO Europe, a growing security and body cam tech company, has cut its IT costs by more than half in the past year since joining Ooodles. HALO chose Ooodles for its flexibility, top-quality service, and commitment to sustainability.

Ooodles founder Leonardo Poggiali said: “The business model in the IT hardware industry has had little-to-no significant innovation in the last 20 years, other than the growth of eCommerce. The segment is stuck on a buy-sell model, while customer demand is moving to a subscription business model. This is where Ooodles comes in, offering a flexible rental platform that allows SMEs and professionals to regularly upgrade to the latest devices, saving time and money.”

Erich Bonnet, CEO of Smart Lenders said: “Through The Lending Smart Fund 1, SLAM is proud to participate in the early financing of this new Hardware-As-A-Service industry via Ooodles, one of the most promising companies in this field.”

About Ooodles

Ooodles is a top IT procurement partner for small businesses in the UK. Created by industry experts and trusted by over 200 SMEs, it offers a flexible leasing solution that lets teams access the latest IT devices while supporting the circular economy.