Poland's Plenti lets consumers rent top-line gadgets on demand rather than having to shell out on every new device. The company is announcing a €5 million late seed round led by 4growth VC to support growth, having also lured funds from Montis Capital, NIF and various business angels.
Funding secured, Plenti said it was continuing its growth trajectory, targeting further Polish revenues while also building up its supply-side partnership programme, through which entrepreneurs buy ownership of devices for rental distribution to consumers via Plenti's dedicated subsidiary, PlentiPartners.
PlentiPartners recently exited a trial phase during which it exceeded revenue targets by 60%. It is currently available to sole proprietors and companies in Poland.
The supply side programme effectively allows partners to earn revenue on its business model.
Revenues from both the core business model and Plenti Partners should pave the way to kick off European expansion in 2023. Plenti's 40-person headcount will also grow larger with the late seed funds, adding new recruits across development, data analysis and risk assessment.
In terms of the devices themselves, it offers far more than just mobile phones and computers. It also rents out game consoles, VR headsets and autonomous vacuum cleaners, giving consumers a glimpse of the latest tech without the up-front cost. Consumers can choose to hire a new gadget for as long as a year, for just a month, or any length of term in between.
Marcin Jaszczuk, 4growth VC managing partner, said: "The idea behind Plenti fits perfectly into current market trends such as the circular economy and a shift in consumer behaviour from ownership towards rental of the electronic equipment.
"The company operates in a rapidly growing market and its business model is highly scalable. Combined with the competence and persistence of the founders of the company, this gives a great opportunity for success."
Plenti CEO and co-founder Wojciech Rokosz added: "Over the last four years we’ve proven that consumers and entrepreneurs value access to their devices over ownership.
"We’ve developed a platform that solves the issue on the demand side. Now we are introducing the solution for the supply side, that allows us to remain asset-light, entrepreneurs to earn on device rentals, and end-users to have even easier access to the gear they need."