The Polish startup Plenti is promoting a circular method of utilizing technology. To create a marketplace that provides access to electronic equipment on a subscription and rental basis, the team has just raised €5 million.
The seed round of €5 million was headed by 4growth VC, with participation from Montis Capital, NIF, and fresh and experienced business angels.
The circular economy is moving forward quickly. Technology advancement is enabling more people to consume in more economical and environmentally friendly ways.
It is getting simpler for Europeans to acquire the products they want with the least amount of environmental damage thanks to subscription-based payment alternatives, renting possibilities, and refurbished/second-hand marketplaces.
We use electronic devices quite carelessly, and they contribute significantly to pollution. As technology advances quickly, many devices are considered by some users as disposable when a newer model enters the market and are simply thrown away even when they are still functional. However, some lack access to the newest technological advancements due in large part to expensive pricing.
We’ve seen a few different marketplaces in Europe make an effort to address this by providing subscription-based alternatives or refurbished models. Plenti, a Polish participant, has recently attracted new funding and is joining the action.
Plenti, which was established by Wojciech Rokosz, Karol Klimas, and Wojciech Wójtowicz, provides consumers with access to the most recent gadgets on demand without requiring ownership. Users may test products before they buy them, use what they need when they need them, and tech equipment to have less of an impact on the environment as a result.
Customers may access gaming consoles, smartphones, smartwatches, computers, VR headsets, air purifiers, self-driving vacuum cleaners, coffee makers, and even pizza ovens through the platform.
“Over the previous four years, we’ve demonstrated that consumers and business owners prefer access to their gadgets over ownership,” says Wojciech Rokosz, CEO and co-founder of Plenti. We’ve created a platform that addresses the demand-side problem.
“Now we are launching the supply-side solution, which allows us to remain asset-light, entrepreneurs to profit from device rentals, and end-users to have even easier access to the equipment they require,” Wojciech Rokosz continued. With the support of our investors’ trust and money, we can continue to grow the Polish market and prepare for an international expansion the following year.
The Polish start-up charges consumers based on usage, with membership periods ranging from 1 to 12 months. The circular economy and the lighter financial burden are encouraging more and more people to join the renting trend.
With its PlentiPartners initiative, Plenti intends to take things a step further and differentiate itself by focusing on business owners and entrepreneurs.
An entrepreneur uses PlentiPartners to buy the equipment, which is subsequently 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 after the rental time or purchasing it from a partner.
Plenti provides businesses and customers alike democratized access to the most recent technology by offering a variety of gadgets, from phones to coffee makers. According to the business, the 12-month subscription package is the most popular choice, and video game consoles and virtual reality headsets account for more than 30% of rentals.
The idea behind Plenti fits perfectly into current market trends, such as the circular economy and a shift in consumer behavior from ownership towards the rental of electronic devices, according to Marcin Jaszczuk, managing partner of 4growth VC.”
“The business operates in a market that is expanding quickly, and its business strategy is very scalable. This creates a fantastic possibility for success when coupled with the knowledge and tenacity of the company’s founders,” Marcin added.
The team intends to expand its Plenti partners program, which is now accessible to single proprietors and Polish-registered businesses, with the help of this fresh financing. To keep up with increasing demand and product development, Plenti will also enlarge the crew.
“Plenti has been fighting against electro waste by rethinking consumption habits and shifting from traditional source, use, trash, and journey,” said Łukasz Dziekoński, managing partner of Montis Capital. Our objective is to invest in the greatest businesses that support sustainability, which includes waste reduction and responsible consumption.”
Ukasz went on to say, “We are happy to help Wojtek and their team educate consumers about the circular economy in the most practical way.
Image Credit: Plenti