The GMO, Mitsui Sumitomo and Samsung-backed furniture rental platform developer has added $1.4m to its latest round to take its total funding to $35m.
Edunetwork, the India-based operator of furniture leasing service RentoMojo, which counts corporates GMO, Mitsui Sumitomo and Samsung as investors, has secured Rs 100m ($1.4m) in series C funding, VCCircle reported yesterday.
The latest close included $1m from Accel and the remainder from Chiratae Ventures, according to a regulatory filing seen by VCCircle. The company has so far raised in excess of $21m for its series C round, and $35m in overall funding since it was founded in 2014.
RentoMojo’s online platform lists furniture and home appliances for rental. It received $3m in series C capital in June 2020 from Pratithi Investment Trust, Shri Investments and Gautam Dalmia, a month after Accel, Bain Capital, BCIP Venture Associates, Chiratae Ventures and Renaud Laplanche backed a $3.2m tranche.
Mitsui Sumitomo Insurance Venture Capital and Samsung Venture Investments – respective vehicles for insurance provider Mitsui Sumitomo and consumer electronics manufacturer Samsung – had participated in a $3.9m series C close in August 2019.
GMO Venture Partners, a corporate venturing unit for internet company GMO, joined returning backers Accel, Bain Capital Ventures and Chiratae Ventures to provide roughly $11.1m for the same round in May 2019.
Accel and Chiratae Ventures (then known as IDG Ventures India) had supplied $5m in funding for the company in 2016, after both had taken part in a $2m round the year before.
