Estonian PropTech platform Rendin has reportedly collected €1.2m in its seed funding round, which will support its expansion efforts.
The investment round was backed by Tera Ventures, Iron Wolf Capital, Truesight Ventures, Atomico’s Angel Programme and Startup Wise Guys, according to a report from TechCrunch.
Rendin launched in March 2020, initially operating in the Estonian market. With the close of the funding, the company is looking to expand into Poland.
Landlords and tenants can use the Rendin platform to streamline the renting process. Its flagship solution is an insurance-backed service, which enables tenants to do away with a deposit, but still safeguarding the property against damages.
Rendin co-founder Alain Aun told TechCrunch, “We launched publicly in Estonia on March 10, 2020, two days before the country went into pandemic lockdown.
“It really looked like the world was going to fall apart and a lot of the risks in home renting skyrocketed. We had to reinvent some parts of our product insurance very quickly to adjust to the changes around us.
“Suddenly we had desperate tenants losing their income, expats leaving the country in a hurry, and more. Our learning curve was tremendous. We figured, if we can survive this, we can survive anything. The last eleven months have been constant proof to us that the concept of Rendin can endure.”
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