Rendin, currently operating in Estonia and Poland, has raised 1.8 million euros to prepare for expansion in both current and new markets as well as to raise an A-round investment.
The lead investor is Tera Ventures, in addition, nearly 100 Rendin landlords also became investors through a Startup Wise Guys fund. In total, Rendin has involved 4.2 million euros in investments since the end of 2020. Previous investors include Iron Wolf Capital, Truesight Ventures, Zaka VC and several other funds and angel investors.
According to the company’s CEO, Alain Aun, involving the customers in the investing round is a meaningful way to go. “Thanks to Startup Wise Guys, we found such an opportunity,” said Aun.
Opportunity for landlords and rental operators
Rendin is creating a new type of rental market, which is safer and more convenient for landlords and tenants. According to Aun, in the Estonian market among “directly from the owner” properties Rendin is a market leader. “Up to 600 rental contracts are signed on our platform every month, and we are currently ahead of the most popular advertising environment, KV.ee, with ads directly from the owner,” explains Aun.
“Landlords like that advertising in Rendin is free and the whole process of renting out is straightforward because it is a complete solution that offers both the creation of a contract directly from the advertisement and professional support, legal assistance and great protection in case of possible problems.”
Rent legislation and the judicial system puts the landlord in a very bad situation in practically all European countries in case of problems.
Alain Aun, Rendin CEO
In addition to private people renting properties, the customers also include large rental operators who have been using the service for years. Martin Rekor, managing partner of Lumi Capital, Estonia’s largest rental home management company, confirms that the service provided by Rendin plays a definite role in their company’s processes.
“We have rented out several hundred apartments with the Rendin service. At the same time, we have also had cases where Rendin has had to demand rent in arrears or compensate for damage caused to the apartment. Cooperation in this area has always been smooth and effective,” says Rekor.
A pan-European problem needs a solution
According to Aun, it can be clearly seen that there is a need for a similar service in Poland. There are a total of 3.9 million apartments in the country, which could be rented out, of which Polish national statistics bureau estimated as many as 1.8 million are empty. For landlords, there are risks in the market, due to which many prefer to simply leave their properties unoccupied. Rendin solves this problem and allows the landlords to earn money with lower risks.
“Rent legislation and the judicial system puts the landlord in a very bad situation in practically all European countries in case of problems,” explains Aun.
Rendin’s goal is to become a pan-European platform enabling safe renting. The company is preparing to involve additional investments shortly to expand to the next markets in Europe and to secure its market position in Estonia and Poland.
