Ooodles, a notable London-based fintech, is extending its operations to Ireland, marking its first international venture.
- The expansion is bolstered by a substantial £2m funding round from āltitude VC and existing investors.
- Ooodles plans to leverage the funds to enhance its AI-based technology, Ooodles OS, while serving over 300,000 Irish SMEs.
- The company’s strategic plans include tripling its customer base within the next year and achieving carbon neutrality by 2026.
- Ooodles offers a subscription service for SMEs to rent IT equipment, providing a cost-effective alternative to traditional purchase models.
Ooodles, based in London, is taking its first international leap by expanding into the Irish market. This move is supported by a £2m funding extension sourced from āltitude VC, backed by existing investors and Traditum. The funding is set to enhance Ooodles’ proprietary AI technology, Ooodles OS, with ambitions to reach over 300,000 small and medium-sized enterprises (SMEs) in Ireland.
Ooodles offers a flexible IT equipment rental service tailored for SMEs, promoted as a smarter alternative to conventional purchasing. Businesses rent equipment on a subscription basis, allowing for upgrades or returns as needed. This approach diverges from the industry norm, where IT devices are typically replaced every five years, while Ooodles claims an average renewal cycle of 26 months.
The recent funding is built upon a foundation laid by a £9.8m investment from Smart Lenders Asset Management the previous year. This prior investment was a key factor in achieving consistent month-on-month growth and maintaining a 96% customer retention rate among SMEs. The company aims to triple its customer base by next year and intends to become entirely carbon-neutral by 2026.
Leonardo Poggiali, the co-founder and CEO of Ooodles, stated the company is generating significant market interest, with businesses recognising the value of the service offered. In his words, “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.”
The Chief Technology Officer of Ooodles, Kannan Reghu, expressed optimism about the company’s expansion, noting that the success in the UK has validated their model and that Ireland is a promising new frontier. Partner at āltitude, Videesha Boeckle, praised the company’s dedication to unlocking potential for businesses.
Ooodles’ expansion to Ireland marks a significant milestone in its growth, leveraging technology and sustainability to reshape SME equipment rental.
