We are proud to participate in Rnters latest 200k pre-seed round following Techstars, in partnership with Semapa NEXT.
Overconsumption is one of the biggest economic issues of our time. But there are still few market solutions that allow items renting between companies and individuals in a safe and agile manner. At Mustard Seed MAZE (MSM), we believe that this pandemic represents an opportunity for tech-based solutions to succeed in the transition to a more circular economy.
Aligned with our latest partnership with Omocom, Rnters is the first marketplace in Portugal for everyday items. Following its participation in the Techstars, in partnership with Semapa NEXT, the company secured a €100k investment from the accelerator. MSM matched the investment closing the pre-seed round at €200k.
“Rnters is built to rent any item you can think of. As millennials, we know that most of our shopping is done online and that this generation values access over possession. Rnters decodes this trend allowing for more sustainable consumption habits. As an impact fund, MSM is fully aligned with our mission to impact the communities in which we operate and its track record to help Rnters grow well and beyond.” — Guilherme Guerra CEO, Rnters.
The current economic and consumption system is unsustainable. Every year we generate the equivalent to 125 000 jumbo jets worth of electronic waste, while clothing utilisation in China has decreased by 70% in the last 15 years, and the average European car is parked 92% of the time. By creating the right conditions for products to stay in use, Rnters accelerates the shift to a circular economy while enabling new revenue stream for product owners, as the most frequent users of peer-2-peer rental platforms earn £3000 or more in over a 30 day period.
“The sharing economy means that more sharing equals less consumption that equals less manufacturing. By enabling the renting of everyday items, Rnters increases the likelihood of effectively changing consumption patterns and helps break the cycle of purchasing items for non-use,” says António Miguel, Partner at Mustard Seed MAZE, a Lisbon-based impact fund that invests across Europe. “We are excited to partner with good friends at Techstars, in partnership with Semapa NEXT, that have a proven track record of backing winning startups.”