BIYU replaces the ownership of products with access to products. This way, one can become a 'temporary owner' of products for DIY, giving (children's) parties, gardening, moving, cleaning, cooking and also beauty and wellness. In this way, the Amsterdam startup is building the new sharing economy, which is driven by Millennials and Generation Z.
Urban Impact Ventures, Arket Ventures and several international angel investors previously co-invested in this financing round. With the new growth capital, BIYU will open a new hub on the Overtoom in Amsterdam next month. The company will also expand to Utrecht this year and BIYU will open its third location in the Netherlands early next year.
Use but do not own
BIYU launched its product access platform in Amsterdam in 2021. The platform offers access to high-quality products from leading brands on a 'pay-per-use' basis or offers access to its entire range for a fixed monthly fee. For example, BIYU has partnerships with brands such as Festool (tools), STIHL (garden tools) and Kärcher (pressure cleaners). The aim is to help build a circular future, in which people have access to products they need occasionally, without having to buy them themselves.
Temporary ownership
“We envision a circular future, where you only own something when you need it and nothing goes to waste,” says Martijn Tjho, co-founder of BIYU. “With products from brands such as Festool, STIHL, Makita, JBL, Pioneer, Kärcher and many other leading manufacturers, we aim to create a closed loop. In a time where life is extremely expensive and our purchasing behavior puts a huge strain on the planet, our platform offers a practical solution to live more sustainably and affordably. Without having to compromise on our modern lifestyle. A win-win for our planet and our customers.”
BIYU offers 'temporary ownership' via an online platform and the physical BIYU Hubs. Products are delivered to and picked up at home, or can be picked up and returned at a Hub.
Co-founder Frans Biegstraaten of BIYU adds: “Our company is designed around circularity and has great appeal to Millennials and Generation Z. They no longer want to own things, but use them. We offer access to premium products from top brands. In addition to optimal use and recycling of products, it also reduces the need for cheap inferior products.”
International BIYU community
BIYU will use the growth financing to open ten new BIYU hubs in the Netherlands in 2023. With a broader international rollout afterwards, starting in Germany. The company is building a global community of sustainable doers.
Investors
BIYU makes ownership redundant and focuses on circularity and sustainability. With this message, the company has managed to attract new growth capital from financiers who want to realize a more sustainable future.
Marc Postma, Sr. Investment Manager ROM InWest Transition Fund; “With the ROM InWest Transition Fund, we invest in companies that contribute to the energy transition and the realization of a circular economy. When thinking about a circular economy, people often think primarily of reuse and recycling. Both are of great importance for the circular use of raw materials, but in some cases an even greater contribution to circularity can be achieved by reducing or even preventing the primary use of these raw materials. Sharing products through 'temporary ownership', as BIYU makes possible, is a perfect example of this, which we at the Transition Fund are happy to support.”
Cedric Dundas, Rabobank: “As a bank, we like to help innovative start-ups with funding to realize their plans. That is certainly not always easy in the early phase. The Rabo Innovation Loan often helps with that. In this, it is important that parties can show that their product contributes to sustainability, and/or digitalization, and/or vitalization of society. As a bank, we were immediately enthusiastic about the plans that Frans and Martijn have with the BIYU platform. Own less, do more! As far as we are concerned, a nice slogan that will further stimulate a future sharing culture.”
About BIYU
BIYU, founded by Martijn Tjho and Frans Biegstraaten, is a product membership platform that gives consumers access to products they need occasionally. The company has built an essential circular infrastructure for the most convenient and fastest 'last-mile' solution for products to date. Depending on the time of order, BIYU ensures that its customers have the desired product in their hands within two hours. This means a disruption of the traditional rental market. BIYU customers have access to more than 400 products in a continuously growing product catalogue. Since its launch in Amsterdam in 2021, the platform has grown rapidly. BIYU now serves hundreds of enthusiastic customers.
About the Rabo Innovation Loan
The Rabo Innovation Loan is an initiative of Innovation Fund Rabobank. The Rabo Innovation Loan is intended for BV's that do not (yet) qualify for a bank loan because there are no proven results and/or no cash flow. In other words, there are no paying customers yet and only (start-up) costs. Customers must meet the criteria and conditions that apply specifically to the Rabo Innovation Loan.
In this early phase of life, it is about financing preparatory activities or starting up activities for your BV. For example, think of creating a design or another form of product development, arranging intellectual property rights, conducting market research or finding partners for distribution.
From left to right: Kostas Mamalingkas (ROM InWest), Frans Biegstraaten (BIYU), Martijn Tho (BIYU), Janet Nieboer (ROM InWest), Gijs Schot (ROM InWest), Marc Postma (ROM InWest)
