Estonia-based startup company that automates the management of rental properties, Bidrento has secured €800,000 in a follow-up funding round to speed up its expansion in Europe.
All existing investors, including Timo Rein, the co-founder and former CEO of Pipedrive, Peep Vain, the first investor of Pipedrive, participated in the company’s funding round. New investors, including several people from Bolt and investors from Switzerland and the real estate sector also joined.
Going forward, the company plans to expand across Europe after consolidating itself in the Baltic market. It is also looking at opening a larger financing round in the near future.
Founded in 2019 by Natalja Napsep and Taavo Annus, the startup aims to integrate all rental property and tenant management actions into one multi-tasking platform. The platform is used by professional landlords and rental property management companies who are active in commercial real estate, built-to-rent, co-living, student housing, and even mini self-storage.
By automating and facilitating various activities such as communication with tenants, drafting and signing contracts, conducting tenant background checks, managing day-to-day problems, and sending out rent, utility invoices, and reminders, the platform allows landlords and property managers to spend less time on manual paperwork and focus on growing their business.
Taavo Annus, CEO and co-founder of Bidrento said: “Rental property management is truly a field of multimillions tasks, where there are many different and repetitive tasks on daily basis. Even with the use of various programs combined with Excel, landlords and property managers still struggle to automate their manual work, which accounts for up to 70% of their daily tasks. This, in turn, becomes a bottleneck in the growth of the real estate portfolio, which affects ROI and tenant satisfaction.”