Rendin, an Estonian startup that’s offering a new insurance product for long-term property rental, has raised €1.2 million in seed funding. Led by Tera Ventures, the round also included Iron Wolf Capital, Truesight Ventures, Atomico Angel Program and Startup Wise Guys, with a number of angel investors as well.
The goal is to lower the risks for both property owners and tenants. On the Rendin app, the parties can sign a digital agreement and forgo the security deposit. The Baltic insurance prodiver says it “offers landlords up to 100 times more safety compared to regular deposits.”
Founded just before the pandemic hit Europe, Rendin says it’s still been able to hit all pre-set growth targets, and perhaps the Covid complications even helped prove the product.
“The crisis had a major impact on short-let properties due to decline in tourism, but didn’t change the dynamics of long-term letting that much. In fact, we had to deal with solving cases directly related to the pandemic, e.g. renters losing their income or leaving their properties behind in a rush to leave for their home country,” said Alain Aun, the startup’s CEO and co-founder.
With the fresh funding, the company hopes to double its headcount to 16 and launch the product in Poland. Rendin is already in talks with a local insurance company and the largest real estate portal in the Polish market.
Photo: the Rendin team