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Do you have idle items lying around—things that you still want, and maybe even spent hard-earned money on, but that you now just don't use frequently? For most of us, the answer is YES. And for those that do, one option is to embrace the sharing economy: rent out unused items to earn some extra cash, while saving others the need to purchase.

Seun Abimbola is the Co-Founder of Rentit.ng, a Founder Institute Lagos portfolio company that is creating Nigeria’s largest rental platform. 

Rentit.ng make it easy to rent just about anything, all without leaving your location. Renting instead of owning is very much in the zeitgeist of our times—about $40 billion is spent on rentals annually in the Nigerian market alone.

According to Rentit’s website, 

There’s so much more you can do with your money than tie it down to buying things you rarely use. This is why we have provided an alternative to buying. Before you pay that cash or swipe that card, think if you are going to need what you are buying all the time or you are better off renting it. 

Rentit Coordinates All Rental Logistics 

Beyond connecting renters with those who need to procure items, Rentit also manages the movement of rental items, as well as installation where required, between both parties. 

By choosing to rent out their items on Rentit, item owners give increased visibility to their products or services, and stand out from the competition. The platform allows renters and owners to search listings across common and well-defined categories, like Vehicles, Physical Spaces, Electronics, and Party Supplies.

Rentit lets owners feature their offerings by giving priority visibility on the platform and across other customer engagement channels. Renters can also submit ads to be listed, and geo-target to select Nigerian cities.

Rentit.ng is live, expanding to new locations, and rapidly testing market assumptions. The team is seeking to raise $150k to focus on product development, platform promotion, and city expansion.

If you’re interested to learn more, come see the Founders of Rentit.ng on November 16th in Lagos, Nigeria at Velocity Conference by Founder Institute Lagos.

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Graduates of the Founder Institute are creating some of the world's fastest growing startups, having raised over $900M in funding, and building products people love across over 185 cities worldwide.

See the most recent news from our Grads at FI.co/news, or learn more about their stories at FI.co/journey


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