By Maximilian Clarke
A web that helps users rent their belongings for a small free (RentMyItems.com) is now looking to raise investment through Angel Investment Network and Crowdcube.com.
Since its launch in September 2011 RentMyItems.com has received significant coverage in the media including mentions in The Sunday Times (Business), BBC News (Business), The Guardian, MSN and Yahoo. In order to further develop the site and its promotional activity, and following an initial ‘friends and family’ funding round,
RentMyItems.com sits within the ideas, ideals and current trend of the Collaborative Consumption movement (simply, those people and businesses who are willing to share or rent things instead of buying them). Time Magazine determined Collaborative Consumption would be one of the “10 Ideas That Will Change the World” (17 March 2011). RentMyItems.com is looking to raise £100,000 through Angel Investment Network (www.angelinvestmentnetwork.co.uk) where investors can invest sums from £5,000, and £50,000 through the crowd-funding website Crowdcube.com (www.crowdcube.com) where investors can invest sums from £10. RentMyItems.com has also been accepted onto the Enterprise Investment Scheme and so investments of £500 or more receive a 30% tax rebate.
“Having received initial funding of £40,000 from our own pockets and also a ‘friends and family’ round we were able to launch RentMyItems.com in September of last year and get the idea known,” said Warren Heal, founder and CEO.
“We are now looking at the ongoing development of the site, including its promotion and new features such as an ‘I Want To Rent A...’ notice-board and for this are looking at raising funding through Angel Investment Network and Crowdcube.com. RentMyItems.com has recently been named as both one of ten ways to make/save money in 2012 (The Guardian) and one of the 40 best new websites that save you money (WebUser magazine).”
Recent research has shown that a staggering £2.9 billion had been spent on unused or little used items in the last twelve months. RentMyItems.com believes that by the renting of little-used household items through the site users are able to make a little extra money or save money by not buying an item, and help the environment through the reduction in usage of raw materials.
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