Market
23
Oct
2024
3
min read

French Mobile.club accelerates B-2-B expansion with acquisition of Cleaq

Mobile.club, a French startup known for its smartphone rental services, has completed its first acquisition with the purchase of Cleaq. This strategic move is aimed at better meeting the IT needs of businesses, as Mobile.club expands its offering beyond smartphones to include computer rentals. The acquisition, valued at approximately € 8 million, marks the startup’s first external growth operation since its founding in 2018 by Damien Morin, a well-known figure in the French tech scene and the founder of repair chain Save, a company specialized in the repair of electronic devices.

Strengthening its B-2-B focus

The acquisition of Cleaq, a company that generated €3.8 million in revenue in 2023, is a significant milestone for Mobile.club. Having introduced refurbished computers into its product line in 2022, this move strengthens its position as a major player in IT equipment rentals. More importantly, it enables the startup to more effectively address the needs of its business clients.

According to founder and CEO Damien Morin, "20% of our rental income comes from small and medium-sized enterprises, but we’ve struggled to expand in this B2B segment."

Maintaining Cleaq’s brand identity

Cleaq, born from the merger of startups Triliz and Finaho, will continue to operate under its own brand name, while Mobile.club will retain its focus on smartphone rentals. This dual-brand strategy offers greater visibility for both consumer and business customers, with Cleaq handling computers and Mobile.club continuing to lead in smartphone rentals.

With this acquisition, Mobile.club expects a 40% revenue increase and aims to serve 1,500 companies and 20,000 employees by the end of 2025. The company is targeting consolidated revenues of €26 million for 2024, a significant step up from the €17 million reported in 2023.

Future growth and potential acquisitions

While this acquisition is Mobile.club’s first, it may not be its last. Morin has not ruled out further acquisitions, stating that the company is open to exploring new opportunities, whether in different markets or product categories. As Mobile.club continues to expand into the B2B sector, its expertise in smartphone asset management can be applied to other areas, potentially beyond IT equipment, such as company vehicle fleet management.

Additionally, the startup is looking to expand its international presence. After entering Luxembourg and Belgium, Mobile.club sees 20% of its new orders coming from outside France, and it plans to open a new major market in 2025, likely Germany.  While further funding rounds are not currently planned, Morin noted that Mobile.club is nearing profitability, suggesting a solid foundation for its continued growth in the B2B space.

Conclusion

Mobile.club’s acquisition of Cleaq marks a significant step in the company’s B2B strategy, positioning it to serve a broader range of IT needs for businesses. By maintaining Cleaq’s brand and leveraging its strengths in smartphone rentals, Mobile.club is well-positioned to grow its market presence and solidify its role as a key player in IT asset management.

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