Rentoza Secures $6 Million Investment to Expand Its Pay-Per-Use Rental Model for Electronic Goods Beyond South Africa
Rentoza has successfully raised $6 million in funding to broaden the reach of its pay-per-use subscription model for renting electronic devices beyond South Africa. These funds will also facilitate the company’s innovation initiatives.
The investment round was spearheaded by Alitheia IDF, with participation from the Vumela Enterprise Development Fund.
In 2017, Rentoza introduced its regional online subscription service, operating on a business model akin to that of Netflix, Apple Music, and Microsoft. This model empowers users to pay a monthly fee for access to services that might otherwise be financially out of reach.
Rentoza’s offerings encompass a diverse range of products, including mobile devices, tablets, laptops, as well as household appliances like refrigerators, microwaves, washing machines, and vacuum cleaners.