SA Rental Marketplace Rentoza Details Its Growth And Expansion Plans After Raising R20 Million In Funding
SA Rental Marketplace Rentoza Details Its Growth And Expansion Plans After Raising R20 Million In Funding. South African rental marketplace Rentoza has detailed its growth and expansion plans after it has raised R20 million in funding from Khulisani Ventures.
MIC Khulisani Ventures, a R150 million early-stage investment vehicle targeting black-owned businesses in South Africa, sifted through hundreds of promising business ideas searching for companies that showed the best signs of scalability, innovation, and capability to be disruptive industry players. “The pitch deck reviews and adjudication by the #MICKhulisani investment panel narrowed applications down to a list of top ten finalists who were invited to pitch meetings. After several rounds of brisk Shark Tank-esque interviews, Rentoza was one of the first to close with an investment of R20 million. The economic enablement associated with their business model served as an attraction and helped set them apart during the selection process. They are an example of the kinds of entities we continue to seek out mutually beneficial partnerships with,” MIC Chief Investment Officer, Nchaupe Khaole said in a statement.
Rentoza has embarked on the bold mission to democratize and dematerialize ownership of technology devices and appliances for all African consumers. The company is South Africa’s first pure play subscription model for digital goods and appliances, its model is breaking new ground in driving access, affordability and flexibility in the e-commerce ecosystem while remaining distinctly clear of finance and credit consumer propositions. The company also believes that the subscription economy will be the next leap frog for the African continent and it is its goal to build, scale and purport this economic phenomenon in the region by building an inclusive, technology enabled platform and business.
CMO at Rentoza, Mishaan Ratan believes the strategic partnership with MIC enables Rentoza to unlock and expedite its collective vision. “Throughout the interaction with MIC, we have realised that this partnership is positioned in both our minds and hearts. This is going to deliver real impact to a country hungry for access and growth on both a personal and business level.” he said in a statement.
