PhoRent.com
Rental market place that allows people to rent out items in their household and search for rental items of others.
| Date | Investors | Amount | Round |
|---|---|---|---|
| N/A | €0.0 | round | |
| N/A | €0.0 | round | |
| N/A | €0.0 | round | |
| investor | €0.0 | round | |
$250k | Angel | ||
| Total Funding | 000k | ||
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PhoRent.com was established in February 2012 as a peer-to-peer rental marketplace aiming to facilitate the sharing of infrequently used household items. The company was founded in San Francisco by Josh Jermaine and Benjamin Salles. Jermaine, who served as President, brought a background in software, finance, sales management, and entrepreneurship to the venture. His co-founder, Benjamin Salles, was a web developer and applications engineer with multiple patents.
The platform enabled individuals to generate recurring income from their possessions, such as power sports vehicles, party supplies, or tools, by renting them to others within their community. Conversely, users could rent items for a fraction of the cost of buying them new. The business model centered on creating a secure and frictionless marketplace. PhoRent.com's revenue was likely generated through service fees on these peer-to-peer transactions. The platform served both private individuals looking to rent or monetize their goods and rental merchants seeking a wider audience.
A key feature of PhoRent.com was its "Rental Protection Program," which provided insurance coverage for damage, loss, and liability for both the owner and the renter. This was made possible through a partnership with a Fortune 500 underwriter, a feature that was particularly important when the platform expanded to include high-value items like boats, jet skis, and RVs. To enhance security, the company developed a proprietary mobile application that used photo and identity-based verification for users and goods. The platform also integrated location awareness to show nearby items and social network connections to link users who may already know each other, along with shipping management for long-distance rentals. In 2013, the company sought to raise capital through a crowdfunding campaign on WeFunder.
Keywords: peer-to-peer rental, sharing economy, rental marketplace, P2P commerce, collaborative consumption, insured rentals, Josh Jermaine, Benjamin Salles, powersports rental, household item rental, San Francisco startup, rental protection, secure transactions, mobile verification, online marketplace, WeFunder, asset sharing, circular economy, rental platform, item monetization