Ooodles, a London-based fintech focused on offering SMEs flexible renting of IT equipment, announced its first international expansion to Ireland.
The startup also announced a $2.7m (£2m) funding extension from āltitude VC, Europe’s first SME tech fund, backed by existing investors and Traditum.
The company claim that the funding will enable it to double down on its AI-powered proprietary tech, Ooodles OS, while the expansion will bring Ooodles to more than 300,000 Irish SMEs.
This comes after a £9.8m investment last year from Smart Lenders Asset Management, which contributed to two years of consistent month-on-month growth and a 96% retention of SME customers.
Ooodles projects that the expansion and investment will contribute to its aim of tripling its customer base next year, as well as its hope to be fully carbon-neutral by 2026.
Co-founder and CEO of Ooodles Leonardo Poggiali said: “We’re creating a real market fit where our solution immediately resonates and businesses are left wondering why they put up with poor alternatives for so long.”
Ooodles has created a pay-as-you-go system for SMEs to hire computers and other tech equipment, claiming that the buying and selling model of tech equipment is outdated and inefficient for small businesses.
Businesses pay a subscription with Ooodles for as long as they need the tech and can get rid of it or upgrade it when they need to. It claims that IT devices are renewed, on average, every 26 months with them, as opposed to the five-year industry standard.
Ooodles, with the help of AI, helps SMEs build a network of devices that is catered to them, with the ability to manage credit approvals, inventory and upgrades with full transparency from a single platform.
Ooodles CTO Kannan Reghu added: “The traction we’ve seen in the UK validates this and expansion to Ireland is just the beginning.
“We’re excited to bring Ooodles’ game-changing platform to even more businesses.”
Ooodles’ partner at āltitude Videesha Boeckle said: “It’s refreshing to see a company so committed to helping businesses unlock this potential.”
Launched in 2021, Ooodles is an FCA-regulated fintech that offers device-as-a-service leases for IT hardware to SMEs. It provides plans that are powered by its full-stack platform and AI platform Ooodles OS, to ensure longevity through a reuse-recycle model.
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