YBuy Raises $1 Million From Eric Schmidt And Others To Let You Try, Not Buy, Gadgets

ipad

Photo: Anirudh Koul

Eric Schmidt’s firm, Tomorrow Ventures, is leading a $1 million Series A round in YBuy, a startup that lets customers try out gadgets before buying them.┬áThe California-based startup hopes its trial model will encourage customers who hesitate to buy online to take the plunge.

Anything from iPads to barista machines and Fuji cameras can be tried for one month on YBuy. It costs $24.95 per month to enroll in the subscription program.

If you love a YBuy product, keep it. Otherwise, you send it back and wait to receive the next product.

With approximately 50,000 people on YBuy’s wait list, the startup will use its $1 million to transition more of those people into paying customers.

YBuy was founded in 2009 by Stephen Svajian, Kevin and Tim Wallin. It previously raised $750,000.

NOW WATCH: Tech Insider videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.