Fat Llama, London
Organization – Fat Llama
Founders – Rosie Dallas, Owen Turner-Major and Chaz Englander
Location – London
Fat Llama offers a fully insured peer-to-peer rental marketplace for almost anything and everything. The platform allows renting tools, camping equipment, bikes, camera, lenses, musical instrument, drones, DJ equipment, household goods, etc. for a reasonable rate. The business idea was conceived in 2016 when the founders renovated office space in London. They spent almost one-third of their budget on single-use items that were difficult to rent, such as power tools, tile cutters, industrial vacuums, etc. The irony is that most of the required items were lying around unused in the same block. The only option was to hire them at a premium rate from a rental shop. This led to starting their conversation on a rental marketplace.
Before the start, they had done thorough market research on the existing rental platform and converted every unmet need the current platform was converted into a unique business proposition in Fat Llama. One such initiative is insurance on the rented item (up to USD 30,000) that protect the owner’s interest in case of theft, breakdown, loss, failure, etc. To mitigate the risk further Fat Llama users, need to pass identity checks, in addition to risk-profiling technology.
Fat Llama is connecting people with unused stuff to the needy by using a combination of risk-profiling technology and insurance. The platform is making it not just possible, but safe and seamless, for anyone to have access to almost any item, potentially within minutes.
Another benefit is that borrowers can avoid deposits and enjoy hire prices that could be 20-30% cheaper than traditional rental shops. Moreover, Fat Llama enables individuals, freelancers, small and medium enterprises and more to monetise their assets efficiently and safely, who would say no to some extra perks for unused.
From a wider perceptive, Fat Llama is disrupting a culture of unnecessary ownership. Today we all shift towards a collaborative economy because we all are connected. We now share cars, bikes, houses, and services every day.