| Website | rentmyitems.com |
| Blog | rentmyitems.com/blog |
| @rentmyitems | |
| Category | Consumer Web |
| Phone | +44 7427 106409 |
| warren@rentmyitem... | |
| Employees | 2 |
| Founded | 3/11 |
| Description | Peer-to-peer rental marketplace |
| TOTAL | $41.1k |
| FUNDING TOTAL | $41.1k |
| Seed, 6/11 Friends and Family | £25k |
RentMyItems.com (RMI) is an online UK marketplace that facilitates person to person renting of items owned among friends, family and communities.
We aim to allow users to make money by renting out items, save money by not spending on new products and to be “green”, as the fewer products consumers buy the less the impact on the environment caused by waste.
RMI commissioned research that revealed an estimated £2.9bn was spent on items in the UK in 2011 that were rarely used or haven’t been used, including £650M spent by women on clothes and £240M on DIY tools. The Guardian newspaper has said RMI is one of the “Ten ways to boost your finances in 2012”.
At present there is much press coverage about what has become known as Collaborative Consumption - we are seeing a shift from the 20th century of hyper consumption to the 21st century of Collaborative Consumption. It has been said that Collaborative Consumption is “a new socio-economic ‘big idea’ promising a revolution in the way we consume”. There are proven success stories of similar businesses in the USA and Time Magazine has said that Collaborative Consumption is one of the top ten ideas that will change the world.
In order to gain traction on the site listing items are currently free and no commission is taken on rentals. We are looking to introduce a commission model upon successful fundraising and redevelopment of the site. The principal objective of the business is therefore to develop a recurring monthly revenue stream based on the number of items listed. The company will not be involved in the actual rental process of each item, and this will be contracted directly between the owner and individual renting the item.
The website launched on Monday 19th September 2011 with Warren Heal being interviewed on BBC Breakfast, BBC Radio 5 Live and 10 local BBC radio stations.
RMI has been accepted onto the Enterprise Investment Scheme by HM Revenue & Customs. The scheme offers a range of tax reliefs to investors.
The company is now seeking funding that will be used to further develop the website, including Wanted Items and Services sections, for the initial marketing campaign and PR and advertising.
