Naspers Ventures-backed Joymode has been saved through an acquisition by XRC Labs, having failed to scale its consumer goods rental service effectively.
Joymode, the US-based consumer goods rental service backed by media and e-commerce group Naspers, has been acquired by retail and consumer-focused innovation accelerator XRC Labs for an undisclosed sum, TechCrunch reported on Wednesday.
Founded in 2015, Joymode runs an online platform where consumers can rent a wide variety of goods to avoid paying the full price in a single expenditure. Products available through the portal include computer games, karaoke machines and deep cleaning materials.
Joymode’s founding CEO Joe Fernandez told…
