Raylo raises £1.6m in pre-seed funding from Techstart Ventures and angel investors to launch its subscription model.
Techstart Ventures and Funding Circle co-founders backed the mobile startup to support its commercial launch.
Raylo operates a subscription payment platform that provides flexible monthly financing for consumer electronics and other durable goods.
London based mobile startup Raylo has secured £1.6m in funding to launch its phone subscription service. The pre-seed round was backed by Techstart Ventures alongside angel investors Samir Desai and James Meekings.
The capital will be directed towards strengthening the company proposition ahead of upcoming product releases and marketing initiatives. The founders intend to scale operations as consumer demand for SIM-only alternatives continues to grow.
The business emphasises environmental responsibility by taking back devices for recycling and partnering with sustainable suppliers. Leadership aims to challenge incumbent mobile networks through a more flexible offering.
From the founder
"The mobile networks have not evolved and customers continue to face an outdated product offering, poor experience and endless high-street stores."
Karl Gilbert
CEO at Raylo
Use of funds
- 01Continue product development
- 02Accelerate go-to-market
