Ooodles, a London-based fintech, announces its expansion to Ireland, marking its first international move.
- The expansion is backed by a £2m funding round led by āltitude VC and supported by existing investors.
- The company aims to extend its AI-powered tech services to over 300,000 Irish SMEs.
- Ooodles plans to triple its customer base and become carbon-neutral by 2026.
- The company promotes a flexible pay-as-you-go system for tech equipment rentals, challenging traditional purchase models.
Ooodles, the fintech company known for providing flexible IT equipment rentals to SMEs, has announced its first international expansion to Ireland. Backed by a £2m funding injection from āltitude VC, Europe’s pioneering SME tech fund, along with existing investors, this move signals significant growth for the firm. The financial backing is expected to bolster Ooodles’ proprietary technology platform, Ooodles OS, as it extends its reach to over 300,000 SMEs across Ireland.
The company’s innovative approach offers a pay-as-you-go model for tech rentals, appealing to SMEs by providing a modern alternative to the traditional equipment buying process. This method allows businesses to subscribe to the technology they need and upgrade or discontinue as necessary. Ooodles claims that their system renews IT devices approximately every 26 months, far more frequently than the industry standard of five years.
With a vision to triple its customer base by next year and achieve carbon neutrality by 2026, Ooodles is setting ambitious targets. The startup’s focus on sustainability is reflected in its reuse-recycle model, aimed at enhancing the longevity of IT hardware.
Co-founder and CEO, Leonardo Poggiali, emphasized the market fit of Ooodles’ solution, highlighting its ability to resonate with businesses frustrated by outdated alternatives. “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,” Poggiali stated.
Chief Technology Officer Kannan Reghu mentioned the positive traction in the UK and expressed excitement about introducing their platform to Irish businesses. “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,” Reghu commented.
Ooodles’ partner at āltitude, Videesha Boeckle, praised the company’s commitment to unlocking business potential, reflecting confidence in the startup’s continued success. Launched in 2021, Ooodles has quickly established itself as a formidable player in the fintech space, offering FCA-regulated, device-as-a-service leases that optimize technology management for SMEs.
Ooodles’ strategic expansion to Ireland, supported by substantial investment, marks a significant step in its growth and innovation journey.
