Dubai-based online platform for rentals of products and services, RentSher Middle East, has raised over $600,000 in seed funding.
The round was led by Abu Dhabi’s Shorooq Investments, Dubai’s Latitude Consultants Limited and ViaNet Ventures.
A string of prominent angel investors including Niranjan A M, Khalid AlTawil, Ali Al-Salim, Sabah Yusuf and a senior partner from McKinsey & Company’s Middle East office also took part.
The founders, ex-McKinsey consultant Vaibhav Doshi and his wife Purvashi, set up RentSher to provide consumers with a hassle-free service to renting anything from event furniture to medical equipment and travel essentials.
Its supply network consists of over 100 vendors capable of providing rentals for large events.
“We are now focusing on building a strong team and expanding quickly, covering new products, new cities and new countries across the region,” Doshi said.
He will use the funding to invest in stronger technology to address nuances of rental business for both customers and vendors.
“With everything going on we are on a mission to transform this multi-billion $ market,” he said.
He had bootstrapped the Middle East operations until December last year, he told Arabian Business in February.
Mahmoud Adi and Shane Shin, co-founding partners at Shorooq, said RentSher’s unique platform is in line with changing preference from ownership to experience, particularly among Millennials.
RentSher was established in 2016 and is an online platform for renting event furniture and services, electronics, medical and travel essentials. It manages order bookings, payments, deliveries and value added services.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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