Ooodles, a fintech startup based in London, is making strides in the IT procurement sector for small and medium enterprises (SMEs). The company secured $2.7 million in additional funding to expand its operations beyond the UK, marking its first international venture into Ireland. With its AI-driven platform, Ooodles OS, the company aims to support over 309,000 Irish SMEs in streamlining procurement processes. Ooodles’ unique approach combines the purchasing and leasing benefits into a Pay-As-You-Go model, offering financial agility and flexibility to SMEs. The recent funding round included contributions from āltitude VC and Traditum, underlining investor confidence in the company’s potential.
Ooodles’ journey began in 2021 when it was founded by Leonardo Poggiali and Kannan Reghu. The duo’s 15 years of experience in scaling startups across Europe and Asia have been instrumental in developing Ooodles’ pioneering model in IT procurement. Notably, the company’s retention rate of 96% in the UK indicates the effectiveness of their approach. Looking back at prior reports on Ooodles, the emphasis has consistently been on their commitment to providing flexible IT solutions tailored to the needs of SMEs. The company’s expansion into Ireland marks a significant milestone, reflecting their robust growth trajectory and customer satisfaction.
What is the Impact of Capital Utilisation?
The newly secured funds will be channelled into advancing Ooodles’ technology and broadening its customer base. The company envisions tripling its clientele within the next year, leveraging its consistent growth over the past two years. By maintaining a high customer retention rate, Ooodles demonstrates its capacity to meet the IT procurement needs of SMEs effectively. Such achievements are pivotal as the company embarks on its European expansion.
Why Ooodles’ IT Leasing Stands Out?
Ooodles is innovating IT procurement with a flexible model that merges the benefits of purchasing and leasing, allowing SMEs to manage devices and lease terms without incurring penalties. The model supports frequent hardware upgrades, with many SMEs opting for enhanced specifications. This, coupled with the potential for cost savings and improved cash flow, renders Ooodles a compelling option for businesses aiming to stay competitive. The company’s focus on reducing e-waste aligns with sustainability goals, further enhancing its appeal across various industries.
The company has maintained operational control by owning its service offerings, from financing to IT management. Ooodles’ independence from brokers and third parties enables the company to offer over 10,000 pre-configurable products with next-day delivery. This level of control ensures SMEs receive timely and efficient services, a critical factor in today’s fast-paced business environment. The CEO of Ooodles, Leonardo Poggiali, highlights the transformative impact of their services on clients, promoting flexibility and breaking away from restrictive leasing practices.
Ooodles not only prioritizes flexibility and reliability in its services but also places significant emphasis on sustainability. By recycling and repurposing returned devices, the company aims to enhance client ESG ratings and reduce e-waste. Furthermore, with ambitions to achieve carbon neutrality by 2026, Ooodles is positioning itself as a leader in sustainable IT leasing solutions. This commitment is reflective of the broader trends towards sustainability within the tech industry and offers additional value to clients looking to improve their environmental impact.
As Ooodles expands its footprint in the IT procurement market, the company’s focus on technology-driven solutions, operational efficiency, and sustainability sets it apart from traditional leasing options. The expansion into Ireland represents just the beginning of their journey beyond the UK, with further growth anticipated across Europe. This trajectory not only highlights the company’s capacity for innovation but also its dedication to addressing the unique challenges faced by SMEs in the tech procurement landscape. Such developments are indicative of a broader shift towards more flexible and sustainable business models in the industry.
