Dutch circular sharing platform Peerby.com has raised €2.3 million in a funding round to enable neighbors to borrow and lend household items. Leading the round was Toronto-based tech and impact fund Loyal. The Dutch impact investor Shamrock Ventures and existing shareholders, including hundreds of crowdfunders also backed the funding.
The extra cash will be used to increase its focus on medium-sized Dutch cities. In its home turf in Amsterdam, the company claims 1 in 4 households is already a member. Founded in 2012, the startup aims to connect neighbors and reduce waste and emissions. Neighbours can join Peerby’s digital neighbourhood sharing shed, which is filled with over half a million shared products.
Daan Weddepohl, founder and CEO of Peerby said: “The support from members, crowdfunders and professional investors confirms that everyone is eager for an alternative to today’s hyperconsumption. We’ve always had social and ecological impact and the challenge was to become financially sustainable. Now that we have achieved profitability, the time is ripe to make neighborhood sharing mainstream.”
Loyal VC founding partner Kamal Hassan concluded: “Peerby, besides being a great impact story, is a testament to the power of persistence. Others have struggled to implement this obvious concept, since it has challenging economics.”
Post its Belgium rollout this year, the platform plans to launch in other European countries for late 2022 and 2023.