Danish camera-sharing platform Wedio has cobbled together €1.25 million in a seed funding round. According to the company, the capital will be used to expand to additional European markets.
Wedio’s €1.25 million seed round was provided by a €600,000 investment via VF Venture, €500,000 from the founders and existing, undisclosed investors, and a Wefunder campaign that set an aperture of €156,867.
Camera sharing/rental services are nothing new, but given that Wedio has been around since December of 2018 and weathered the work from the office storm, that’s saying something. Combine this service with increasingly diminishing wages and the piling on of responsibilities that would traditionally be distributed amongst multiple persons (job ads for photographer, videographer, editor, and sound engineer are plentiful, I kid you not), and the logic behind renting instead of buying becomes readily apparent. And fast.
According to Wedio, at present, they’re servicing over 100,000 monthly content creators from across Europe, possess 20,000 listings worth over 40 million euros in equipment value on the platform, and have achieved an average annual revenue growth of 180% between 2019 and 2022, and with the new injection of capital and associated expansion plans, aim to be profitable within the next 12 months.
"There is a huge potential in the sharing economy concept, and our market has been global from day one, which is why we have focused on top-line growth until now. We have now built a solid foundation that enables us to expand into more countries with the new capital and at the same time shift our focus towards our bottom line," commented Wedio CEO and co-founder Daniel Sand.
Wedio is far from alone in the gear-renting/sharing category, at least in the UK, and this humble photographer’s mind, will be going up against longer time player Fat Llama (which was acquired by Sweden’s Hygglo in August of 2022), and while not a rental house, yet at least, Brighton’s MPB which offers rather attractive terms and conditions on gear trade-in/upgrades.