- South African startup Rentoza, an online electronics and appliances retailer operating on a subscription-based model, has raised ZAR20 million (US$1.3 million) in funding from Khulisani Ventures, the early-stage investment vehicle of the Mineworkers Investment Company (MIC).
The MIC is a 100 per cent Black-owned Investment Company established in 1995 by the Mineworkers Investment Trust (MIT) to create a sustainable asset base for the benefit of mine, energy and construction workers and their dependents.
Calls for applications for funding closed in August 2021, with MIC Khulisani Ventures having received 722 applications. The team sifted through hundreds of promising business ideas, narrowing applications down to a list of 10 finalists who were invited to pitch meetings. After several rounds of interviews, Rentoza was one of the first to close with an investment of ZAR20 million (US$1.3 million).
An online electronics and appliances retailer operating on a subscription-based model, Rentoza makes access to essential technology easy and affordable to consumers, especially when traditional means of acquiring tech products are not an option. The startup’s chief marketing officer Mishaan Ratan believes the strategic partnership with MIC enables Rentoza to unlock and expedite its collective vision.
“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 ensures 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.”
MIC chief investment officer Nchaupe Khaole said the economic enablement associated with the Rentoza business model served as an attraction and helped set it apart during 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.”
