Reimagining commerce for circular economy, Finnish platform Rentle raises $3.8 million

The World Economic Forum said the world might change in one of eight ways by 2030 - one of them being our collective consumerist behaviour. Experts at the World Economic Forum predict, “you will own nothing, and you’ll be happy. Whatever you want you’ll rent, and it’ll be delivered by drone.”

Tapping into this need spurred by a changing consumer, Finnish commerce platform for the circular economy Rentle has raised $3.8 million in funding. The round was backed by leading financial services investors, including Tera Ventures, Anthemis, Maki.vc, Mission One Capital, The Fund and European and U.S. family offices and angel investors. Post the funding, Rentle plans to expand its global presence and help merchants to boost their inventories in sustainable ways.

Founded in 2019, the commerce platform offers merchants with software making it easy and profitable to take part in the circular economy. According to the company, what sets Rentle apart from existing commerce platform giants such as Shopify, is its focus on enabling any retailer or brand to start a circular business model in a matter of minutes. Its merchants range from entrepreneur-led small businesses to ski resorts and retail brands such as Motonet and Decathlon UK.

Tuomo Laine, CEO and co-founder of Rentle said: “Our aim is to stop the world from drowning in stuff by putting an end to one-off consumption, one merchant at a time. We’re building technology that supports sellers in transitioning to more profitable and sustainable circular business models. For consumers, this will mean effortless access to a wider range of better quality goods at a lower price.”

Sophie Winwood, principal at Anthemis added: “Any large behavioural shift requires an underlying technology platform to facilitate it. As we move from buying goods to accessing them, Rentle will be that platform. Not only is this move a necessity as we transition to a more sustainable commerce model but it also represents an enormous business opportunity, where embedded fintech and insurtech revenue streams will play a big role.”