Rentoza, South African Rentals Marketplace Secures $1.3m Funding From Mineworkers Investment Company

Rentoza, a South African subscription-based online electronics and appliance retailer, has raised ZAR20 million (US$1.3 million) in capital from Khulisani Ventures, the Mineworkers Investment Company’s early-stage investment firm (MIC).

Last July, Johannesburg-based MIC announced the creation of MIC Khulisani Ventures, a ZAR150 million (US$10 million) early-stage investment entity aimed at black-owned, high-growth enterprises in South Africa, according to Disrupt Africa.

The Mineworkers Investment Trust (MIT) formed the MIC in 1995 to create a sustainable asset base for the benefit of mine, energy, and construction workers and their dependents.

MIC Khulisani Ventures received 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 retailer that makes vital technology accessible and inexpensive to consumers, especially when traditional means of acquiring tech products 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.

“We’ve realized that this alliance is positioned in both our minds and hearts as a result of our interactions with MIC.” “This will have a major impact on a country that is hungry for access and progress on a personal and business level,” he said.

“With a partner that has flown this plane for a long time, we envision ourselves as the next wave of economic inclusion and empowerment.” Their insight and experience are vital to us, ensuring that we can capitalize on our present momentum to continue delivering accelerated growth and a new market model that will change the way people relate to and interact with products.”

The economic enablement connected with the Rentoza business model acted as an attraction, according to MIC chief investment officer Nchaupe Khaole, and helped set it apart throughout the selection process.

“They are an example of the types of organizations with which we continue to seek mutually beneficial collaborations,” he said.

“Rentoza’s focus on developing alternative ways to access electronics that play such a large role in our daily lives was the drawcard that drew us in.” Its rapid expansion has shown that they are a well-organized, well-experienced, and capable company from the start. It’s vital that we support businesses like these, especially because they’re inventing solutions that address specific consumer requirements.”