HIRE JUNGLE

London-based HireJungle.co.uk announces the launch out-of-beta of its peer-to-peer renting platform, enabling users to hire out goods and services at no cost. Founded by MBA Marcelo Barreneche, the new eBay-like hire-and-rent platform comes at a time when consumers in the UK are struggling with the nation’s economy. Nonetheless the founder says that the sharing economy “is a more efficient trading model, sustainable either in times of crisis or prosperity”. HireJungle is Barreneche’s ... answer to the fast-growing and disruptive sharing economy. He believes it was already a fairly developed market but users simply didn’t have the right tools. The serial entrepreneur is confident that if users have widely accessible, reliable platforms, then people would turn to sharing stuff in any circumstances, either to save or the other way round - to earn extra income. “The first ‘Eureka!’ moment,” says Barreneche, “was when I needed a drill for a home refurbishing task and I didn’t have one, but I wasn’t happy with the option of buying a new one only to use it just once a year.” “Then I thought it might be a good idea to hire one drill… But where? From whom? And that started the brainstorming that led to this peer-to-peer platform.” HireJungle’s peer-to-peer platform connects people who own practical stuff and have under-utilized know-how with other people and companies who need it. “Here it is in simple terms: If you were to hire out something, let’s say your TV, which website would you use? If you have no idea, that’s because you’re another one of millions of people out there who could be earning income on things you don’t use,” says the founder. The idea behind HireJungle’s platform is that it doesn’t charge users for renting and hiring, and there is no fee for posting classified ads. Instead, the business model relies on advertising, which is a revolutionary step for users in the sharing economy. In this way HireJungle has managed to attract crowds of people who have already uploaded tens of thousands of products, making it the fastest growing rental marketplace in the UK. “There are no fees attached to listing goods and services classifieds (though businesses have pay options for featured ads), because providing commission-free transactions and publications – empowering the crowd – are among the founders’ core values,” remarks an industry expert. And the technology is top-notch, too. Barreneche’s platform offers a social network and adds value by easy, fast tools that drive the platform’s efficiency. For instance, a one-stop website like HireJungle helps hirers to make informed decisions as they can benchmark prices and compare reviews from companies and individuals alike. Product and Services categories are linked in a way that ensures relevant search results, displaying the services classifieds on the left-hand side and the products classifieds on the right. For example, a search query for “builders in London” will not just display results for the builders’ services available in that area, but also building-related products such as drills, ladders, screwdrivers, just to name but a few. So hirers can assess if it’s worth hiring a skilled workforce or rent the adequate tools for a DIY job. Additionally, HireJungle’s Car Hire Price Comparison Engine allows users to compare car rental prices, and in a matter of seconds, users can see the top 500 car hire firms from over 25.000 locations worldwide displaying the cheapest available rates. The eBay-like sharing platform comes with a serious, educational blog that gets the consumer informed on how to rent out in a strategic way. If the consumer knows how to rent in order to save, everyone wins. HireJungle is positioning itself as a leader in segment of an industry that experts say is about to take off. Martin Varsavsky, founder of Madrid-based wifi-sharing platform Fon, says that one of the next big markets for the sharing economy is renting out “expensive DIY home equipment, appliances, expensive gardening tools” and other assets that get little use in their product lifespan. "We live in a world in which benefits are only accrued through economic growth and the endless consumption of resources,” says Varsavsky. “And that there have to be other ways out there for more people to benefit. Why should everyone have their own car when most of the time they are not using it?” Other startups, like Taskrabbit.com and Rentmyitems.com have recently launched similar platforms. But they have niche focuses: offering exclusively service rentals or exclusively goods rentals – fees apply. HireJungle is one comprehensive solution, letting users rent out their car for the day, or hire a plumber by the hour. Combining goods and services rentals at no cost to the user makes this model a unique one in a market where competition is gaining traction. The sharing economy is booming. Business and Financial magazine Forbes estimated that revenues for the sharing economy could touch $3.5 billion in 2013, growing by more than 25%. HireJungle aims to be at the forefront of that industry in the UK and Europe. And there are plans in the works to expand into India, Canada and the US by 2014. About HireJungle HireJungle’s no-hassle platform is your one-stop-shop for rentals and hiring. And there are no fees to rent and hire out. This project is managed by UK digital agency Join Universe Ltd and is backed by a team of high profile investors.More