Germany-based mobile device leasing service Everphone today raised €34m ($40m) in a series B round backed by Telekom Innovation Pool, an investment vehicle of telecommunications firm Deutsche Telekom.
Venture fund Signals Venture Capital led the round, which also included venture capital firm AlleyCorp and financial services provider NIBC.
Founded in 2016, Everphone allows businesses to rent smartphones and tablets. The company provides an end-to-end service, including the ability to have apps pre-installed, support, repairs and replacements. Businesses can choose between new and refurbished devices.
The series B capital will allow Everphone to cope with increasing demand as lockdowns lead to a digitisation drive and a shift to remote working. The company has initially planned to enter the US following its series B round, but will now focus on expansion across Europe.
Peter Arbitter, head of portfolio and product marketing for business customers at Deutsche Telekom, said: “There is a growing demand for financing models in the mobile communications business-to-business market.
“At Deutsche Telekom, we already offer attractive leasing models, which will now be expanded upon through the customer-friendly rental models offered in conjunction with Everphone.”
Details about Everphone’s earlier financing could not be confirmed.
