An Estonia-based start-up that automates the management of rental properties, Bidrento has secured €800,000 in a follow-on funding round to accelerate its expansion in Europe.
All existing investors, including Timo Rein, co-founder and former CEO of Pipedrive, Peep Vain, Pipedrive’s first investor, participated in the company’s funding round. New investors, including several people from Bolt and investors from Switzerland and the real estate industry also joined.
Going forward, the company plans to expand across Europe after consolidating in the Baltic market. It also plans to open a larger funding 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 a multitasking platform. The platform is used by professional landlords and rental property management companies active in commercial real estate, build-to-let, co-living, student housing, and even mini self-storage.
By automating and facilitating various activities such as communicating with tenants, drafting and signing contracts, checking tenant backgrounds, managing day-to-day issues, and sending rents, utility bills, and reminders , the platform allows property owners and 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 multimillion-tasking field, where there are many different and repetitive tasks on a daily basis. Even with the use of various programs combined with Excel, property owners and 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 property portfolio, which affects return on investment and tenant satisfaction.