UK-based smartphone subscription startup Raylo has tucked $11.5 million in Series A funding into its top pocket, led by Octopus Ventures.
The equity round follows a debt raise last year — and brings Raylo’s total raised since being founded back in 2019 to $40M (in equity and debt). Its roster of investors to date also includes the Macquarie Group, Guy Johnson of Carphone Warehouse and the co-founders of Funding Circle.
The new funding will be used to charge up a subscription smartphone play that nudges consumers never to own their own mobile device — but just pay a monthly fee to lease a new or refurbished SIM-free device instead.
Raylo says it’s seen 10x YoY growth of customers and revenues, and plans to plough the Series A into accelerating its growth in the UK — including by doubling its headcount and further developing its tech. And while it suggests it’s entertaining the idea of a future global rollout it remains firmly UK focused for now.
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