On-demand subscription platform Rentoza is on a mission to change the face of ownership as South African consumers know it. This mission was noticed by one of the country’s leading black-owned investment firms, the Mineworkers Investment Company (MIC), which provided Rentoza with a R20m capital allocation through its MIC Khulisani Ventures fund.
The fund is a R150-million early-stage investment vehicle that targets black-owned innovative, high-growth businesses in South Africa. With over 722 applications for funding, MIC Khulisani Ventures looked for companies with proven capabilities to scale, innovate and have the capacity to disrupt industry norms.
Championing a company that is set to single-handedly disrupt traditional consumption in South Africa, Mishaan Ratan, Chief Marketing Officer at Rentoza believes the strategic partnership with MIC enables Rentoza to unlock and expedite its collective vision. “Throughout the interaction with MIC, we realised that this partnership is well-positioned in both our minds and hearts. This is going to deliver real impact to a country hungry for access and growth on both a personal and business level.”
As one of South Africa’s fastest-growing e-commerce businesses, Rentoza developed a subscription model that would drive access at affordable rates and flexible terms to essential items, such as consumer electronics, appliances, and even baby goods.
MIC Impact Investment Manager, Thato Ntseare says Rentoza’s focus on creating alternative means of accessing devices that play such a big role in our daily lives was the drawcard that attracted us to the business.
“Their growth rate from the onset showed that they are well organised, extensively experienced, and a very capable enterprise. It is critical that we provide funding for businesses of this nature especially since they are developing solutions that speak to specific needs of consumers,” says Ntseare.
Ratan says the vision for economic inclusion and empowerment in South Africa is the basis of this relationship with MIC creating generational growth and opportunity for this country. “We see ourselves as the next wave of economic inclusion and empowerment with a partner that has navigated this plane for a long time.”
For Ratan, MIC’s perspective and experience are invaluable and ensures that Rentoza can leverage its current momentum to continue delivering accelerated growth and deliver a new model in the market that he believes will evolve the way everyone relates to and interacts with products.
“The MIC predigree is unmistakeable and we are honoured to be counted among the likes of Firstrand, who MIC was one of the first to invest in and are still actively invested in that business. This long-term outlook shows belief in the impact that our model can offer South Africa,” says Ratan.
To add impact to disruption, Ratan notes that the MIC Khulisani Ventures provides an amazing opportunity to provide a baseline subscription option level for mineworkers and their families. “Our whole mission is to give access to a lifestyle that many people never dreamed would be theirs. We would be proud to be able to demonstrate the impact of our subscription model to those who deserve it the most,” says Ratan.
With the MIC investment, Ratan believes Rentoza will be able to broaden its reach and unlock the opportunities inherent in its potential. “We will endeavour to prove our worth and show our investors that their decision not only grew a successful business but shaped a country,” concludes Ratan.
