Raylo raises £5.2M in cash and media for equity deal

UK-based sustainable tech platform Raylo has raised £5.2 million, in cash and media for equity, in its latest funding round, led by Macquarie and Channel 4 Ventures. The startup is also gearing up to launch a crowdfunding campaign. 

Giving customers the opportunity to lease, rather than buy, their electronics is how Raylo is ensuring a circular economy for the likes of laptops, phones and tablets, The certified B Corp also provides a facility where customers can hand in unused electronics to be refurbished and given a new lease of life, literally. 

Raylo's embedded finance model ensures that merchants are paid upfront and its suite of plugins and APIs means easy integration with WooCommerce and Magento. The company says it has experienced 39x growth in customer subscriptions in the last three years with £22 million in annualised recurring revenue. It currently has 80,000 customer subscriptions. 

“We are delighted to be supporting Raylo with its ambition to become a leading circular economy platform. The Raylo team has shown impressive traction in building a new consumer electronics proposition that is beneficial for both customers and the planet; and the launch of newer products, such as Raylo Pay and Raylo Insurance, demonstrate the company’s innovativeness and commitment to building a great customer experience. Our investment will enable Raylo to build awareness of its proposition throughout the UK and help it on its journey in becoming a household name,” says Hannah Redgewell, Investment Principal at Channel 4 Ventures.

"Today, we celebrate a significant milestone in our mission to accelerate the move to a circular economy. With the support of Macquarie and Channel 4 Ventures, we've raised an additional £5 million, totaling £21 million in funding. Our remarkable journey includes over 80,000 customer subscriptions, 39x growth in the last three years, an annualised recurring revenue of £22 million, and B Corp certification. We invite you to join us as we prepare to launch our crowdfunding campaign on Crowdcube, opening doors for individuals to make a lasting impact on sustainability,” says Karl Gilbert, co-founder and CEO of Raylo.

Lead image via Raylo