One of the best parts of living in this modern age of technology is that there is a host of devices available to keep us entertained. Just when you think that you are satisfied, a new model comes out. But, there is a downside. With each device typically costing an arm and a leg, buying new ones can cost a fortune. Offering a rental marketplace, German startup BYEBUY aims to lessen the burden by letting customers rent a variety of devices on a weekly or monthly basis.
BYEBUY currently offers a range of products, from cameras to drones to tablets to wearables to headphones. The platform is currently pretty simply, allowing users to click upon a category and browse through the products (about 4-12 per category are available). Prices are listed up front and customers have the option of ordering from there, but they can also click through to access the profile for the device. Prices vary by device, naturally, but customers can rent a Fitbit for just under 19,90 pounds per month, headphones for 14,90 pounds, an iPhone 6 for 39,90 pounds, and so forth. At the high end, customers can pick up a camera for 119,90 per month. The service allows customers to keep the device as necessary, automatically paying each month and cancelling when they so choose. The devices are insured, but users must pay 50% of the original price of the device if they lose it or cause damage outside the bounds of “normal wear”.
BYEBUY says that they are not opposed to selling a particular device to the customer, but they keep 30% of the previously-paid fee as credits and subtract that from the price of the device. Said credits also expire annually.
BYEBUY launched their platform two weeks ago and now claim roughly 500 users, with their first customers coming from the United Kingdom and Germany. The startup does not wish to reveal their current funding, but founder and CEO Michael Cassau would tell me that they have hooked up with London-based Seedcamp and are currently in the process of raising a seed round.