Ooodles secures $12M funding to expand its device-leasing business in the UK

Ooodles, a UK-based startup that offers device-leasing services for phones, laptops, gaming, and other tech products, has raised $12 million in a funding round led by Paris-based asset manager, Smart Lenders Asset Management (SLAM). The company plans to use the funds to scale up its operations, grow its team, and launch new products.

Ooodles was founded in 2021 by Leonardo Poggiali, a veteran of Sony Mobile and Jawbone, who saw an opportunity to provide a flexible and sustainable way for consumers and businesses to access the latest tech devices without paying upfront or committing to long-term contracts. Ooodles leases high-end devices on a monthly, pay-as-you-go subscription model, with the option to upgrade, return, or continue renting at the end of the rental period. Ooodles also refurbishes and resells the returned devices, reducing e-waste and extending the lifespan of the products.

Ooodles secures $12M funding to expand its device-leasing business in the UK
Ooodles secures $12M funding to expand its device-leasing business in the UK

According to Poggiali, Ooodles aims to disrupt the traditional device ownership model and offer a more convenient and affordable alternative. “We believe that renting is the future of tech consumption, as it allows people to enjoy the benefits of technology without the hassle and cost of ownership. Renting also helps the environment, as it reduces the demand for new devices and promotes the circular economy of reuse and recycling,” he said.

A growing market for device-leasing services

Ooodles claims to have grown rapidly since its launch, with over 10,000 customers and a 90% retention rate. The company offers a wide range of devices, including the latest iPhone 14, MacBook Pro 14, Google Pixel 7, and PlayStation 5. Ooodles also caters to businesses, especially small and medium-sized enterprises (SMEs), that need to equip their teams with devices without investing in expensive hardware or software.

The device-leasing market is expected to grow significantly in the coming years, as consumers and businesses seek more flexibility and convenience in accessing tech products. According to a report by Research and Markets, the global device-as-a-service market is projected to reach $311.5 billion by 2027, growing at a compound annual growth rate (CAGR) of 55.9% from 2020 to 2027.

A strategic partnership with SLAM

The $12 million funding round was led by SLAM, a French asset manager that specializes in lending to European SMEs. SLAM will provide both equity and debt financing to Ooodles, as well as strategic support and access to its network of partners and investors. SLAM’s founder and CEO, Erich Bonnet, said that he was impressed by Ooodles’ vision and performance, and that he saw a strong potential for growth and profitability in the device-leasing sector.

“We are delighted to partner with Ooodles, as we believe that they have a unique value proposition and a proven business model in a fast-growing and underserved market. We are confident that Ooodles will become a leading player in the device-leasing industry, and we look forward to supporting them in their expansion and innovation,” he said.

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