Ooodles, a transparent and flexible asset management platform headquartered in London, has successfully raised $12 million (equivalent to approximately €11.22 million) in its latest funding round.
The funding round was spearheaded by Smart Lenders Asset Management (SLAM), an asset management firm based in Paris. SLAM specializes in the consumer credit markets of the United States and Europe, as well as lending to small and medium-sized enterprises. Founded in 2014, the company oversees portfolios of loans originating from online lending platforms.
Erich Bonnet, the CEO of Smart Lenders, stated, “Through The Lending Smart Fund 1, SLAM takes pride in being an early financier of the emerging Hardware-As-A-Service industry, with Ooodles being one of the most promising players in this sector.”
Scalable Tech Rentals with Flexibility
Established in 2021 by industry veteran Leonardo Poggiali, Ooodles introduces a Pay-As-You-Go subscription model for tech rentals tailored to SMEs. This innovative approach grants immediate online access, seamless upgrades, and unmatched flexibility.
The digital platform efficiently streamlines various processes, from credit approvals to inventory management, empowering SMEs to allocate their capital to more strategic investments.
Founder Leonardo Poggiali notes, “The IT hardware industry has seen minimal innovation over the past two decades, with the exception of the growth of e-commerce. The sector remains entrenched in a traditional buy-sell model, while customer demand increasingly leans towards a subscription-based approach.”
“This is where Ooodles steps in, offering a dynamic rental platform that enables SMEs and professionals to regularly upgrade to the latest devices, resulting in both time and cost savings.”
In addition to its technological advancements, Ooodles also champions the circular economy. The startup ensures that devices are part of a sustainable reuse-recycle loop, aligning with the United Nations’ Circular Vision for Electronics. This approach not only enhances customers’ Environmental, Social, and Governance (ESG) ratings but also directly contributes to environmental preservation by reducing electronic waste.
The United Nations reports an alarming production of 50 million tonnes of e-waste annually, with only a mere 20 percent being recycled. Ooodles’ sustainable practices play a pivotal role in addressing this pressing global issue.
Poggiali emphasizes, “By opting for the Ooodles solution, customers can rest assured that their IT devices have a minimal ESG footprint, as our platform guarantees the reusability of devices, providing a clear path for repair and full recycling when necessary.”
Ooodles intends to utilize the funding to expand its circular tech rental service within the UK and prepare for its international launch. Additionally, the company is committed to achieving carbon neutrality by the year 2025.
Founder Poggiali states, “Our vision is to empower SMEs with the right technology precisely when they need it, devoid of any constraints. This funding round marks a significant stride toward delivering increased flexibility, enhanced services, and, ultimately, greater freedom to businesses, aiding them in maintaining efficiency, competitiveness, and sustainability.”
Poggiali boasts a wealth of experience, spanning over two decades, in scaling operations for both established corporations and startups. He has previously held positions at HP, Sony, and Grover, leveraging his market insights to propel Ooodles’ customer base, which is projected to triple by the conclusion of 2023.
One of Ooodles’ clients, HALO Europe, a SME specializing in security and body camera technology, attests to having reduced its IT expenses by more than half within a year of subscribing to Ooodles.