Based in London Ooodlesa fintech startup specializing in IT procurement for SMEs, announced that it had obtained additional funding of 2.7 million dollars (approximately 2.54 million euros).
Furthermore, the company also announced its international expansion with a launch in Ireland. This is the company’s first venture outside the UK, offering its AI-powered platform, Ooodles OS, to more than 309,000 Irish SMEs.
Funding for Ooodles comes from Altitude VC, the first European fund focused on SME technology, with participation from existing investors and UK family office Traditum.
Videesha Boeckle, Partner at āltitude, said: “Ooodles truly understands both the importance and the challenges facing SMEs today. Its flexible technology platform provides the agility SMBs need to overcome operational obstacles in a rapidly evolving digital world.
“This innovative and truly remarkable approach aligns with Altitude’s belief in the potential of SME technology as the next major growth frontier, and it is refreshing to see a company so committed to helping businesses unlock this potential.”
Use of capital
Ooodles will use the funds to support its technology and grow its customer base, building on 24 months of consecutive growth.
Ooodles says its platform currently serves a wide range of UK SMEs, maintaining a high retention rate of 96% and a strong customer recommendation score.
Building on this momentum, the startup aims to continue its expansion across Europe, with the aim of tripling its number of customers over the next year.
IT rental for SMEs
Ooodles is reshaping IT procurement for SMBs with a flexible pay-as-you-go model that combines the benefits of purchasing and leasing. The company was launched in 2021 by Leonardo Poggiali and Kannan Reghu, who draw on their more than 15 years of experience building startups in Europe and Asia.
Reghu, CTO and Co-Founder, said: “At Ooodles, we are not just transforming IT procurement; we set the standard for solutions that are flexible, sustainable and future-proof.
“By owning the full stack, we give SMBs the agility and customization they need to grow, and we’ve achieved this by stripping the entire process back to the basics and rebuilding it from the ground up to creating something that truly stands out and makes an impact – not just for our customers but for the planet.
“The growth we have seen in the UK confirms this, and the expansion into Ireland is just the beginning. We are excited to bring Ooodles’ revolutionary platform to even more businesses,” adds Reghu.
Unlike traditional options, Ooodles offers customizable plans from £3 per month, allowing SMEs to adjust rental terms without penalties, change their device range and even receive a credit if they upgrade to a plan cheaper. This approach aims to provide businesses with financial agility and convenience.
Ooodles claims its model has led to an average device renewal rate every 26 months, well below the five-year industry standard, and encourages frequent hardware upgrades, with 73 percent of SMBs opting for more efficient devices and 87 percent for an upgrade. their contracts to benefit from total flexibility.
Through a single AI-powered platform, SMBs can manage credit approvals, inventory and upgrades, streamlining their IT needs while meeting their sustainability goals by reducing e-waste. The model also helps SMEs save costs, improve cash flow and stay informed about their security needs.
Over the past year, Ooodles has activated over £4 million of credit lines to help businesses improve their cash flow.
Operational control
Ooodles owns every part of its service, from financing to technology management. As a license holder financial technologythe company operates independently of brokers or third-party platforms, allowing it to leverage its AI-powered Ooodles operating system for streamlined efficiency and profitability.
This approach allows Ooodles to offer a selection of over 10,000 pre-configurable products, available for next day delivery, ensuring continuity for small and medium-sized businesses (SMEs).
Leonardo Poggiali, co-founder and CEO of Ooodles, said: “Whether it’s agencies needing high-performance laptops with no upfront costs, or fast-growing startups looking to quickly equip their teams with the best devices, every time I meet new clients there is a moment where everything clicks; a bright moment when they realize that they no longer have to endure restrictive rentals and can finally benefit from the freedom and flexibility that Ooodles offers.
“We solve real problems facing millions of underserved SMBs and create a perfect market fit where our solution immediately resonates and businesses wonder why they put up with bad alternatives for so long.
In addition to offering flexibility and reliability, Ooodles emphasizes sustainability. The company recycles and reuses thousands of returned devices, helping to improve customers’ ESG scores and reduce e-waste.
With plans to become completely carbon neutral by 2026, Ooodles is expanding its impact in the IT rental space, combining operational control and environmental responsibility.