London-based Ooodles, a transparent and flexible asset management platform, has secured $12M (approximately €11.22M) in a fresh round of funding.
The investment was led by Paris-based asset manager, Smart Lenders Asset Management (SLAM).
SLAM specialises in US and European consumer credit markets and lending to small and medium-sized enterprises. Established in 2014, the firm manages portfolios of loans issued through online lending platforms.
Erich Bonnet, CEO of Smart Lenders says, “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.”
Flexible tech rentals that scale
Founded in 2021 by industry veteran Leonardo Poggiali, Ooodles offers SMEs a Pay-As-You-Go subscription model for tech rentals, allowing immediate access, upgrades, and flexibility online.
The digital platform streamlines processes from credit approvals to inventory management, empowering SMEs to invest capital elsewhere.
Founder Leonardo Poggiali says, “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 e-commerce. 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.”
Additionally, Ooodles also claims to contribute to the circular economy. The startup ensures devices are part of a reuse-recycle loop, aligning with the UN’s Circular Vision for Electronics. This approach not only enhances customers’ ESG ratings but also directly benefits the planet by reducing e-waste.
The UN reports that 50 million tonnes of e-waste are produced annually, with only 20 per cent being recycled. Ooodles’ sustainable practices play a crucial role in addressing this global issue.
Poggiali adds, “By choosing the Ooodles solution, customers also don’t have to worry about the ESG footprint of their IT devices because our platform guarantees the reusability of the devices all the way to a repair and full recycle path when required.”
Ooodles plans to use the funding to expand its circular tech rental service in the UK and prepare for an international launch. Additionally, the company aims to achieve carbon neutrality by 2025.
Founder Poggiali says, “Our vision is to empower SMEs to have the right technology at the right time, without any restrictions. This funding round is a monumental step towards bringing more flexibility, better services, and ultimately more freedom to businesses, helping them stay efficient, competitive, and sustainable.”
Poggiali brings over two decades of experience in scaling operations for both corporates and startups, having worked at HP, Sony, and Grover. His understanding of the market has propelled Ooodles’ customer base, which is set to triple by the end of 2023.
One of Ooodles’ clients, HALO Europe, a security and body cam tech SME, claims to have reduced its IT overheads by more than half within a year of subscribing to Ooodles.