Raylo raises $11.5 million

London-based smartphone subscription startup Raylo has raised $11.5 million in a Series A funding round led by Octopus Ventures.

Founded in 2019, Raylo offers a subscription model for smartphones, allowing people to lease for less than the RRP over a 12 or 24-month period. At the end of the lease the customer can upgrade to a new smartphone and then simply return the old one. Raylo also offers insurance through AXA Partners Group to cover against devices being accidentally lost, stolen, or damaged.

“Raylo is the technology powering a world where fewer consumer devices are manufactured and those that are get an extended life through our managed cycle of refurb, reuse and recycle. We are delighted that Octopus Ventures share our vision and are supporting us at this important stage of our growth.” – Raylo co-founder and CEO Karl Gilbert.