EstVCA's member Tera Ventures
and other leading financial services investors invested in a Finnish circular economy startup, Rentle
. The company gathered 3.8 million dollars with their seed round which would fund expanding their team to support product development to meet the demands of existing and new merchants
Rentle is a platform to sell and rent anything, anywhere. Initially, Rentle team saw that merchants are lacking the appropriate software to start, manage and grow circular business models.
Its mission is to offer a commerce platform that makes circular commerce easier and more profitable than its linear counterpart. While consumers are changing their behavior and prefer to buy services that give access to goods instead of owning them, merchants have not yet acclimatised their businesses to this mindset. Instead of unsustainable mass-produced goods, Rentle introduces merchants to the possibility of creating long-lasting items which can provide a new revenue stream with better gross margins. Currently, Rentle's platform is mediating these enduring goods from brands such as Motonet, Decathlon UK, and Ridley, for hundreds of thousands of consumers across the globe.
Co-Founder and CEO at Rentle, Tuomo Laine
commented on the news with the following: "As a company, we are now entering the next chapter. Backed by investors sharing a vision of a better world, I am happy to announce our seed round of 3.8 million euros. An important milestone that will help us meet the increasing demand, and serve our current and future merchants even better. To enable them to start and grow their circular businesses the way they want. To make the more profitable and sustainable business models of circular economy frictionless and easier than linear commerce."