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Ooodles raises £9.8m for ‘device-as-service’ platform

Ooodles
Ooodles founder Leonardo Poggiali

Ooodles, a London-based startup that offers flexible renting of tech equipment to SMEs, has raised $12m (£9.8m).

The company, founded in 2021, has developed a platform for SMEs to hire computers, phones and other tech equipment on a pay-as-you-go basis.

According to Ooodles, the practice of SMEs paying large sums upfront and selling the equipment later on after it has depreciated is outdated and overly taxing on small businesses weighed down by overheads.

Businesses can instead pay a subscription through the Ooodles platform for as long as they need the tech, then get rid of it when they no longer require it.

The platform also allows users to upgrade their equipment as they continue their subscription, which Ooodles claims frees up time and resources when firms’ equipment becomes out of date.

“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,” said Ooodles founder Leonardo Poggiali.

“The segment is stuck on a buy-sell model, while customer demand is moving to a subscription business model.”

Poggiali added that through Ooodles, customers “don’t have to worry about the ESG footprint of their IT devices” as the platform “guarantees the reusability of the devices all the way to a repair and full recycle path when required”.

The funding round was led by Parisian investor Smart Lenders Asset Management and will support the startup’s ambition to launch internationally.

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