Ooodles is expanding its operations beyond the UK, marking its first international venture.
- The company secured an additional £2m funding led by āltitude VC, aimed at enhancing its operations.
- More than 300,000 Irish SMEs are expected to benefit from Ooodles’ innovative IT leasing model.
- Ooodles’ growth is further supported by a previous £9.8m investment from Smart Lenders Asset Management.
- The firm aims to triple its customer base while also targeting carbon neutrality by 2026.
Ooodles, a fintech company based in London, has announced its inaugural international expansion into Ireland. This strategic move comes as the company seeks to broaden its market reach and impact more businesses with its distinctive IT equipment leasing model. Ooodles offers flexible rental options that allow small to medium-sized enterprises (SMEs) to lease technology without committing to ownership, thus aligning with evolving business needs.
This significant expansion is supported by an additional £2m in funding. The investment, led by āltitude VC, Europe’s pioneering SME tech fund, comes with backing from existing investors, including Traditum. The capital aims to fortify Ooodles’ proprietary AI-driven technology platform, Ooodles OS, enhancing its service capabilities.
With this expansion, Ooodles aims to serve over 300,000 SMEs throughout Ireland. The company has witnessed steady growth, buoyed by a noteworthy £9.8m investment from Smart Lenders Asset Management last year, which contributed to a retention rate of 96% among SME clients. Ooodles projects further growth by tripling its customer base in the upcoming year.
Under the leadership of Co-founder and CEO Leonardo Poggiali, Ooodles presents a compelling alternative to traditional IT procurement, positing that conventional purchasing and disposals are antiquated and ineffective. Poggiali expressed that the market has responded positively to their solution, emphasising the ease and appeal of transitioning to a more dynamic model.
Ooodles’ service model operates on a pay-as-you-go basis, permitting businesses to subscribe to IT services without long-term commitments. This system affords companies the flexibility to upgrade or alter their tech setups as required. Typically, the firm’s customers update their devices every 26 months—a stark contrast to the industry standard of five years, proving the model’s adaptability.
The introduction of AI into their services allows Ooodles to customise tech solutions, manage inventory, process credit approvals, and provide transparency through a comprehensive single platform. The company’s CTO, Kannan Reghu, highlighted the success in the UK as a precursor to the benefits expected for Irish businesses, suggesting that Ireland is just the beginning of their broader expansion plans.
By 2026, Ooodles aspires to not only expand its customer base but also achieve carbon-neutral operations. This aligns with their sustainable model of reuse and recycling, promising longevity and minimal environmental impact.
Ooodles’ expansion into Ireland represents a strategic effort to broaden its influence while maintaining a commitment to innovation and sustainability.
