Rentronix, the company behind the electronics rental platform Addit.tech, closes an investment round for just over 530 thousand euros. The round is led by the venture capital fund Vitosha Venture Partners, which participates with EUR 300,000.
Rentronix receives additional support from one of its existing investors — Sofia Angels Ventures, which participated with 116 thousand euros. The rest of the amount was provided by Lab40 (91 thousand euros) and angel investor Denis Gorbunov (25 thousand euros).
“There are many uses of the device-as-a-service model that fit different customer segments, making it a business with great growth potential and therefore attractive to us as an investment. The company has a strong team with ambitions to become a regional leader in this kind of services,» Stoyan Nedin, partner at Vitosha Venture Partners, told Forbes.
Addit.tech successfully handles the enforcement of the «Device-as-a-service» model, which gives business flexibility while simultaneously supporting efforts to reduce waste, Nedin added.
«It is important for us that we are closing a second round in the current challenging investment environment. The funds raised will be used for growth — further refinement of the platform for B2C and B2B customers and new people in the team,» Ani Bachvarova, co-founder of Rentronix, told Forbes.
The funds will allow the company to optimize its capital structure, facilitating access to working capital to purchase additional devices. Management’s expectations are that this year the value of leased assets will grow by over 50% to BGN 1.5 million, and rental income to increase by 28% to BGN 1.6 million.
Among the key goals of Addit.tech is to more actively enter the corporate segment, where it will establish itself as the main choice for securing electronic devices.
Addit.tech was founded in 2019 by Ani Bachvarova, Asen Asenov, Vladimir Kolev and Ivaylo Petkov. The platform went live in April 2020 and quickly gained popularity among corporate and individual customers. The company’s revenues grew by nearly 380% on an annual basis to BGN 1.3 million in 2022.
In August 2022, Rentronix reinforced its commitment to promoting the circular economy by launching the platform for selling used and refurbished electronics Furbee. Only by the end of 2022, Furbee accumulated 150 orders worth BGN 83 thousand.
