Raylo secures £8.3m Series A investment led by Octopus Ventures to expand operations
The Series A round was led by Octopus Ventures to support team expansion and product development.
Raylo operates a technology platform that facilitates the lease and reuse of consumer electronics to promote a circular economy. The company partners with retailers and networks to offer sustainable device financing and trade in services.
Raylo has secured £8.3m in a Series A funding round led by Octopus Ventures, with participation from Macquarie Group, Guy Johnson, and the cofounders of Funding Circle. The company intends to direct the fresh capital toward doubling its headcount across its London and Belfast offices and expanding its product offering and distribution channels.
Founded in 2019, Raylo operates a subscription service for consumer technology, aiming to replace the traditional two year upgrade cycle with a sustainable model of refurbishment and recycling. The latest injection of capital brings the company's total equity and debt raised to $40m following previous backing from investors including Macquarie Group.
From the founder
"Raylo is the technology powering a world where fewer consumer devices are manufactured and those that are get an extended life through our managed cycle of refurb, reuse and recycle. We are delighted that Octopus Ventures share our vision and are supporting us at this important stage of our growth."
Karl Gilbert
co-founder and CEO at Raylo
Investor perspective
"The subscription economy is rapidly transforming the way we access products and services – yet the smartphone, an individual’s most valuable device, is still locked behind a bundled, ownership-based model. This means most people are trapped in a buy-and-dispose cycle, with a steep financial and environmental costs."
Tosin Agbabiaka
Principal, Octopus Ventures
Use of funds
- 01Grow the team
- 02Continue product development
Investors
Categories
About the company
Raylo
Raylo provides a technology platform for leasing and reusing consumer electronics.