The amount raised was not disclose but according to East Ventures’ announcement, Bioma will used the fresh capital to further expand its services.
Established early this year, Bioma is platform that provide customers access to higher quality goods, including a large assortment of products in the electronics, furniture, kitchen appliances, and mother & baby categories, with significant cost savings by offering a pay-per-use system.
Under the pay-per-use system, the customers will pay the fee based on the usage of the on-demand product, and the responsibility of the products is managed by Bioma.
It is very common for customers to constantly purchase costly items to be used for only a short time. Once the item is purchased, many customers also get tangled with the operation hassle, such as the maintenance or reparation of broken items, which in a lot of cases, leads to productivity loss.
The startup said its platform is used by an array of businesses in various sectors, from property to agriculture, and various sizes, from startups to large corporations. Bioma offers a rental marketplace of a broad range of physical assets that can be accessed through its website. Bioma continuously discovers more use-cases for the service, showing its wide-ranging possibilities and growth potential.
“Our solution allows the business to focus on the important aspects in allocating the resources, providing convenience and affordability that were not available previously,” said Arlo Erdaka, Chief Executive Officer of Bioma.
In the operational aspect, Bioma enables brands to become circular. Applying the same vision in enabling asset-light businesses, more than 90% of the inventory offered by Bioma is owned by third parties such as brands and individuals through a revenue-sharing model, with Bioma managing the operations end-to-end. Brands can thus expand into the rental market without building their rental supply chain.