Amsterdam, 30 October 2014, Amsterdam-based local borrowing platform Peerby has raised $2.1 million. The investment round is led by French XAnge Private Equity. Netherlands-based Sanoma Ventures invested for a second time. TechStars and angels from Canada and the United States also invested. Dutch founder Daan Weddepohl is going to use the funds for product development and international growth, with a specific focus on the United States.
Peerby is a website and app that enables you to borrow the things you need from people nearby. Members and transactions are growing exponentially since the launch in September 2012. With 100,000 users Peerby has mature communities in the Netherlands and Belgium, London, Berlin, and is currently emerging in six US pilot cities.
Dutch entrepreneur and founder of Peerby Daan Weddepohl was the first to create a local borrowing marketplace for goods that has real traction. In Peerby’s hometown Amsterdam the chance that you will find that power drill or camping equipment is up to 85%. The liquidity of the marketplace, together with the steep growth curve, are the main reasons that investors like Xange, Sanoma and TechStars invested in the company. Peerby not only has a social and sustainable impact but is also of interest to investors.
Peerby will invest the funds fully to enable international growth of local communities in 50 US cities. With that growth, Peerby wants to deliver the same performance as in The Netherlands and Belgium: the majority of the requests answered within 30 minutes. In the Netherlands, Peerby will be fully committed to product development. The ambition is to reduce the response time from 30 minutes towards one minute.
Daan Weddepohl, CEO of Peerby: “We believe in a sharing city where you have instant access to everything in your neighborhood. A place where we can make the best use of modern technology by fostering human connection, building communities and highly improving the efficiency of the limited and yet abundant resources that cities host. With this investment, we are going to take the next steps towards this goal.”
Rodolphe Menegaux, XAnge: “At XAnge, we are longstanding believers in the sharing economy and we’ve been fortunate to back very strong entrepreneurs willing to make our world a better place. Peerby is the most liquid marketplace we’ve ever met and it is led by very open minded yet driven entrepreneurs. As we strongly believe that we’re now living in a world increasingly driven by usage rather than ownership, Peerby is a perfect match for us. We’re now very proud to help Peerby grow its model on a global scale and build strong local communities.”
Herman Kienhuis, SanomaVentures: “Peerby has undergone significant developments in terms of team, product and reach, not only in Dutch and Belgian cities, but also beyond. We believe Peerby will develop itself into the leading global platform for local stuff sharing and we are glad to help make this possible, this time in cooperation with international investors.”
Peerby is an app and website that enables people to borrow the things they need from others in their neighborhood. With Peerby you don’t have to spend hundreds of dollars on things you only use once or once in a while and you feel good by helping somebody out. Members post something they want to borrow, and neighbors get an email or push notification to which they can respond with a single click. It allows you to save money, meet awesome people and live green: one eighth of all the CO2 emissions in the world is caused by the production and consumption of consumer goods. Members and transactions are growing exponentially since the launch in September 2012. With
more than 100,000 active monthly members Peerby has mature communities in the Netherlands and Belgium, London, Berlin, and is currently emerging in six US pilot cities. Awards: $125,000 from the Clinton Global Initiative, B&J’s Join our Core, App My City Award.
“XAnge Private Equity is a regulated private equity vehicle with €360 million under management. Active in France, Germany and Western Europe, XAnge is a multi-corporate fund with both industrial and financial LPs. The XAnge venture team primarily invests in fast-growing companies of the digital, mobile, Saas software and fintech areas.