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September 14, 2023

Raylo Raises £5.2M to Combat E-Waste: A Leap Towards a Circular Economy

Everyday gadgets are a convenience, but a nightmare for our planet. The smartphone impact on the environment grows

In a world driven by gadgets, our reliance on technology comes at a cost, especially to the environment. The impact of smartphones and other electronic devices on our planet is a growing concern, with mountains of e-waste accumulating each year. Recycling, while important, isn't the ultimate solution. Raylo, the UK-based "Netflix of Electronics," is on a mission to revolutionize consumer electronics and tackle the e-waste crisis. With its latest funding milestone of £5.2 million, Raylo takes a giant stride towards sustainability, setting the stage for a circular economy.

Raylo, the London-based subscription payment platform for electronics, is at the forefront of a profound change in the tech industry. Their mission? To accelerate the circular economy by redefining how we use and reuse consumer goods.

In a recent milestone, Raylo secured £5.2 million in cash and airtime in its latest funding round, led by Macquarie and Channel 4 Ventures. This success follows a previous funding round earlier this year, amounting to a total investment of £21 million.

Raylo is inviting individuals to join the sustainability movement by launching a crowdfunding campaign on Crowdcube. This campaign offers people the opportunity to own a stake in the business and actively contribute to solving the global e-waste crisis.

Hannah Redgewell, Investment Principal at Channel 4 Ventures, expressed their support for Raylo, emphasizing the company's innovative approach and commitment to sustainability. She stated, *"Our investment will enable Raylo to build awareness of its proposition throughout the UK and help it on its journey to becoming a household name."*

*Karl Gilbert, CEO of Raylo,* celebrated this milestone, highlighting their remarkable journey, including substantial customer subscriptions, impressive growth, and B Corp certification. He extended an invitation to individuals to participate in their Crowdcube campaign, where they can make a lasting impact on sustainability.

Founded in 2018 by Karl Gilbert, Richard Fulton, and Jinden Badesha, Raylo offers consumers access to the latest products through a cost-effective and sustainable monthly subscription model. Their secret weapon? An AI-powered Xylo risk model, boasting over 3,000 factors and alternative data sources, ensuring high approval rates. Moreover, Raylo's residual value pricing engine provides real-time pricing information, ensuring customers receive fair value for their devices.

Raylo's vision extends beyond its platform. They've partnered with leading UK electronics retailer Affordable Mobiles, adding Raylo Pay to their checkout options. This collaboration allows customers to opt for 12, 24, or 36-month subscriptions across a range of devices, from tablets to laptops and smartphones.

Neil Hodgson Coyle
Neil Hodgson-Coyle
Editorial chief at TechNews180
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