Ooodles secures $12m led by Smart Lenders Asset Management to expand its tech rental platform.
The funding will support the company in growing its circular hardware offering across the United Kingdom and preparing for international expansion.
≈ £9.4M at $1 = £0.7851 on 12 Nov 2024
Ooodles provides a digital platform that enables small and medium-sized enterprises to rent IT equipment on flexible monthly terms.
Ooodles has secured $12m in funding led by Smart Lenders Asset Management to scale its operations. The capital will support the company in expanding its circular hardware model across the United Kingdom prior to a broader international rollout.
Founded in 2021 by industry veteran Leonardo Poggiali, the firm operates a Device-as-a-Service model that supplies smartphones, laptops, and other essential hardware to small and medium-sized enterprises on a flexible subscription basis. The approach is designed to help smaller firms preserve capital and avoid the depreciation costs associated with outright purchases while contributing to electronic waste reduction.
From the founder
"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."
Leonardo Poggiali
Founder at Ooodles
Investor perspective
"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."
Erich Bonnet
CEO, Smart Lenders Asset Management
Use of funds
- 01Expand into international markets