$1.3 M secured by SA rentals marketplace Rentoza from Mineworkers Investment Company
Rentoza, a South African subscription-based online electronics and appliance shop, has secured ZAR20 million (US $1.3 million) in capital from Khulisani Ventures, the Mineworkers Investment Company’s early-stage investment firm (MIC).
The Mineworkers Investment Trust (MIT) formed the MIC in 1995 to develop a sustainable asset base for the benefit of mine, energy, and construction workers and their dependents.
MIC Khulisani Ventures got 722 proposals for investment when the call for applications concluded in August 2021. The team combed through hundreds of interesting company concepts, reducing the number of applicants to ten finalists who were invited to pitch meetings.
Rentoza was one of the first to close with a ZAR20 million (US $1.3 million) investment after numerous rounds of interviews.
Rentoza is a subscription-based online electronics and appliance shop that makes vital technology accessible and inexpensive to users, especially when traditional ways of purchasing tech items are unavailable. Mishaan Ratan, Rentoza’s chief marketing officer, believes the strategic relationship with MIC will help the company uncover and accelerate its common goal.
“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.
“We see ourselves as the next wave of economic inclusion and empowerment with a partner that has navigated this plane for a long time. Their perspective and experience are invaluable to us and ensure that we can leverage our current momentum to continue delivering accelerated growth and deliver a new model in the market that will evolve the way everyone relates to and interacts with products.”
The economic enablement connected with the Rentoza business model acted as an appeal, according to MIC chief investment officer Nchaupe Khaole, and helped set it apart throughout the selection process.
“They are an example of the kinds of entities we continue to seek out mutually beneficial partnerships with,” he said.
“Rentoza’s focus on creating alternative means of accessing devices that play such a big role in our daily lives was the drawcard that attracted us to the business. Their growth rate from the onset showed that they are well-organised, extensively experienced, and a very capable enterprise. It is critical that we provide funding for businesses of this nature especially since they are developing solutions that speak to specific needs of consumers.”
