Dubai-based product rental start-up RentSher Middle East has raised more than $600,000 in a seed funding round.
The company, founded by former McKinsey consultant Vaibhav Doshi and his wife Purvashi, said institutional investors including Abu Dhabi’s Shorooq Investments, Dubai’s Latitude Consultants and ViaNet Ventures supported the round.
Niranjan A M, Khalid AlTawil, Ali Al-Salim, Sabah Yusuf and a senior partner from McKinsey and Company’s Middle East office were among the angel backers.
RentSher allow customers to choose items to rent online and have them delivered to their door and collected later.
It currently has a supply network of 100 vendors and caters to both event organisers and enterprise customers.
The company said it had already completed thousands of rentals for event venues across the UAE.
“We are now focusing on building a strong team and expanding quickly covering new products, new cities and new countries across the region,” said the firm’s CEO Vaibhav Doshi.
“We are investing in a stronger technology platform addressing the nuances of rental business both for our customers as well as our vendors. With everything going on we are on a mission to transform this multi-billion-dollar market.”