South Africa: Rentoza secures $6m in funding from Alitheia IDF and Vumela

Rentoza, a South African-based online subscription platform, recently secured investments totalling $6 million. The funding round was led by Alitheia IDF and included the Vumela Enterprise Development Fund.

According to Aviraag Ramdhani, co-founder at Rentoza, this capital injection is set to revolutionise the e-commerce landscape through subscription in South Africa and on the African continent as it facilitates the company’s ambitions for market expansion and innovation.

Echoing Ramdhani’s sentiments on Rentoza’s potential, Pyi Maung, investment manager at IDF says, “Alitheia IDF saw a strong and complimentary team of founders who have managed to scale the business efficiently with every capital raise.”

The Vumela Enterprise Development Fund was established in 2009 by FNB Commercial and Edge Growth and is managed by Edge Growth Ventures.

Speaking to why Vumela decided to invest in Rentoza, Sam Tennant, partner at Edge Growth Ventures, says Rentoza provided the attractive combination of a large market opportunity supported by an innovative scalable solution and an exceptional management team.

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