The funding comes after the company witnessed rapid growth post the launch of a revamped model in 2019. The revamped platform’s success comes due to the introduction of a paid membership for borrowers. Peerby’s revenue grew 222 per cent in 2021 and 200 per cent in 2020.
Peerby attributes the growth to supporters inviting their neighbours to join Peerby’s digital neighbourhood sharing shed, which is now filled with over half a million shared products.
Investors in impact and technology
The round was led by Toronto-based tech and impact fund Loyal VC. The firm invests in INSEAD and Founder Institute alumni worldwide. Loyal steps in early with small amounts to monitor performance. Periodically, the ‘best-performing’ companies in the portfolio receive offers for additional investment.