Rentoza Secures $6M in Funding to Revolutionize African E-commerce
Rentoza, a South African online subscription platform that allows users to rent electronics, furniture, and other home goods, has secured $6 million in funding.
The investment round was led by Alitheia IDF, a women-led and women-focused private equity fund.
Other investors in the round include the Vumela Enterprise Development Fund, which focuses on fostering growth in black-owned SMEs.
The funding will be used to expand Rentoza’s product offering, grow its team, and enter new markets. The company plans to launch in Nigeria and Ghana in the coming months.
Rentoza is a disruptive force in the African e-commerce market. The company’s subscription service makes it easier and more affordable for Africans to access the latest products. This is especially important for women, who are often excluded from traditional lending channels.
“Our growth initiatives and expansion plans will drive transformative change in the South African economy and beyond, creating accessible and flexible shopping experiences for consumers across the continent. Real access is finally coming to the continent,” Aviraag Ramdhani, Co-Founder at Rentoza said.
With this funding, Rentoza is well-positioned to become a major player in the African e-commerce market.
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