Rendin, whose on the mission to make long-term property rental fairer and safer for both owners and renters, has raised 1.2-million euros for expanding its core team in Estonia and launch the platform in Poland.
The seed round was led by Tera Ventures, a VC firm investing in early-stage global digital startups. They were joined by Iron Wolf Capital, Truesight Ventures, Atomico Angel Program and Startup Wise Guys, with a number of angel investors also participating.
“Rendin is a unique platform that has the interests of both property owners as well as renters in mind,” said Alain Aun, Rendin’ Chief Executive and cofounder.
“We want to get rid of outdated practices in long-term renting that may have been useful twenty years ago but not today. For example, the security deposit is a big extra expense for renters while not doing a lot to mitigate the risks for property owners. Recovering rent payments can be an extremely burdensome process for the owner and in case of any damages to property, security deposits rarely cover for them. Rendin allows for up to 100x more protection for owners but also guards renters from owners that may want to keep their deposit maliciously,” Aun said.
Rendin offers a fully digital agreement on its app, insurance cover for property owners in case of debt or damage, and eliminating the upfront security deposit for renters. Rendin co-operates with ERGO Insurance, the largest insurance provider in Estonia.
Rendin said it was currently in the process of working out a joint business model with a local insurance company in Poland and the largest real estate portal, with a skilled Polish market lead already having joined the team.
Currently employing eight people, with strong tech backgrounds from companies like TransferWise and Kühne+Nagel, Rendin is also looking to double the team.
“They have a strong vision of how to make the life of tenants and landlords better,” said Stanislav Ivanov, founding partner at Tera Ventures.
“Their dedication to end-to-end user experience and process efficiency for all involved parties will transform the long-term apartment rental space that was until today almost fully neglected and untouched by digitalization,” Ivanov said.