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Africa|Business|Products|Solutions
Africa|Business|Products|Solutions
africa|business|products|solutions

Khulisani Ventures provides R20m for e-commerce platform Rentoza

30th May 2022

By: Schalk Burger

Creamer Media Senior Deputy Editor

     

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The Mineworkers Investment Company (MIC) Khulisani Ventures fund has provided a R20-million funding boost to on-demand subscription platform Rentoza, which developed a subscription model to drive access to consumer goods, including consumer electronics, appliances and baby goods, at affordable rates and on flexible terms.

Rentoza’s focus on creating an alternative means of accessing devices that play such a big role in people's daily lives was the drawcard that attracted MIC to the business, said MIC impact investment manager Thato Ntseare.

“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,” he said.

The strategic partnership with MIC enables Rentoza to unlock and expedite its collective vision, said Rentoza chief marketing officer Mishaan Ratan.

“This partnership is well-positioned in both organisations' minds and hearts and is going to deliver real impact to a country hungry for access and growth on both a personal and business level,” he said.

The vision for economic inclusion and empowerment in South Africa is the basis of this relationship with MIC, by creating generational growth and opportunity.

MIC’s perspective and experience are invaluable and ensure Rentoza can leverage its current momentum to continue delivering accelerated growth and deliver a new model in the market that he believes will evolve the way everyone relates to and interacts with products, said Ratan.

“MIC's long-term outlook shows belief in the impact that our model can offer South Africa,” he said.

Further, Khulisani Ventures provides an opportunity to provide a baseline subscription option level for mineworkers and their families.

“Our mission is to give access to a lifestyle that many people never dreamed would be theirs. We would be proud to be able to demonstrate the impact of our subscription model to those who deserve it the most,” Ratan said.

With the MIC investment, Rentoza will be able to broaden its reach and unlock the opportunities inherent in its potential.

“We will endeavour to prove our worth and show our investors that their decision not only grew a successful business, but shaped a country,” said Ratan.

The Khulisani Ventures fund is a R150-million early-stage investment vehicle that targets black-owned innovative, high-growth businesses in South Africa. With more than 722 applications for funding, MIC Khulisani Ventures looked for companies with proven capabilities to scale, innovate and have the capacity to disrupt industry norms.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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