Warsaw-based Plenti, a startup that offers electronic devices in a circular economy model, announced on Thursday that it has raised €5M in a late Seed round of funding.
The round was led by 4growth VC with the participation of Montis Capital and NIF. New and existing business angels also participated in the round.
Łukasz Dziekoński, managing partner of Montis Capita, says, “Plenti has been fighting against electro waste by redefining consumption patterns and shifting from traditional source, use, waste, journey. Our goal is to invest in the best companies that contribute to sustainability, which includes responsible consumption and waste management.”
“Circular access to the best tech”
Founded in 2018 by Wojciech Rokosz, Karol Klimas, and Wojciech Wójtowicz, Plenti allows users to use in-demand gadgets without being required to buy them.
The platform allows users to simply pay for the use of their equipment by offering the gadgets as a subscription for periods ranging from one to twelve months. Due to this flexibility, users can test out pricey items before buying them and rent out seasonal equipment.
Additionally, the company rents out equipment that are only required for a little time, such as coffee makers, phones, tablets, and laptops, without requiring customers to sign 2+ years or longer lease agreements.
Game consoles, smartphones, smartwatches, computers, VR headsets, air purifiers, self-driving vacuum cleaners, coffee makers, and even pizza ovens are all part of the offer.
Plenti reports that the most popular option chosen by half of its users, including individuals and companies, is the 12-month membership. Gaming consoles and VR headsets are the most popular category, accounting for over 30 per cent of rentals.
What is PlentiPartners?
With more customers adopting the rent-not-buy trend, Plenti says it has already revolutionised the demand side. With the launch of its PlentiPartners programme, which enables business owners to profit from renting out the devices to end users, Plenti also seeks to disrupt the supply side.
With PlentiPartners, an entrepreneur purchases the devices that are then leased back to Plenti, which pays them a monthly fee.
Consumers can purchase the gadgets, which are completely insured, and a partner still has authority over the item. Plenti has the option of returning the equipment at the conclusion of the rental time or purchasing it from a partner.
Currently, the supply-side partnership programme is accessible to Polish-registered sole proprietorships and businesses. With the programme’s debut, Plenti is now able to expand even more quickly while using fewer assets.
Capital utilisation
Plenti says it will use the funds to strengthen its position in Poland as well as expand the company in Europe next year.
The company will also continue the rollout of its supply-side partnership programme, PlentiPartners, as the pilot phase of the programme resulted in exceeding the target by 60 per cent.
Additionally, Plenti, which currently has over 40 employees, will further expand its team, hiring developers, data analysts and risk assessment specialists.
Co-founder Wojciech Rokosz says, “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. With the trust, and the capital from our investors we can continue to develop our marketplace in Poland and get ready to expand in Europe next year,” adds Rokosz.
