Estonia-based Bidrento, a start-up company that automates the management of rental properties has secured 800,000 eur in a follow-up funding round to speed up the expansion and to prepare for the next bigger round.
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, and new investors also joined, including several people from Bolt and investors from Switzerland and the real estate sector.
"Rental property management is truly a field of multi-millions tasks, where there are many different and repetitive tasks on a 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," said Taavo Annus, CEO and co-founder of Bidrento.
Bidrento was founded by Natalja Napsep and Taavo Annus with the aim of integrating all rental property and tenant management actions into one multi-tasking platform. 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.
Bidrento 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.
Andreas Jupits from co-living company Scandium Living commented the following: „The solution saves a lot of time for accommodation and property managers like myself. What makes us different is that our job does not end when we hand over the space to the tenant. It only starts then and continues throughout the tenant’s stay with us. For companies like us, wanting to cover the entire tenant lifecycle, Bidrento is the best software.“
Bidrento is not just property management software. The platform and its tenant app support the entire rental cycle. It manages to do that by guiding the users through the very first steps of showing the property to potential tenants, to the termination of the rental agreement, and then all the way to onboarding the next tenants to launch another rental cycle.
"Our product speaks to rental property investors and managers, and we are happy to contribute to their growth," Annus said. In a short time, Bidrento has become the most preferred built-to-rent and portfolio management software in Baltics, and now is the time to move further to other markets," he added.
The company is also planning to use the funding for growing its team. Currently, Bidrento is looking for new hires in their marketing and software development teams, as well as a Polish-speaking sales manager.
Bidrento's rental property management software and its tenant app are already being used in various countries across Europe today. For example, Eften Capital, well-known in the Baltics, chose Bidrento as a partner for its residential rental property for several reasons.
„One important part for us was that we wanted to have an outstanding solution for our tenants. This was also the reason why we choose Bidrento as now we can provide quite an innovative solution for our tenants. Bidrento integrated different parties, so everything is now in one place. Also, their team and developers listen to their customers’ needs and respond very quickly. They even took care of all communication between different parties while making all needed integrations. I do not doubt that we will continue to use Bidrento in the future. It is an essential system in our business thanks to which we are also able to grow even faster,“ Annika Ole-Holm from Eften Living told.
Followed by a strong position in the Baltic market, the company plans to expand across Europe, and for this, it is planned to open larger financing round in the near future. "A lot has already been done, but this is only the beginning of Bidrento's journey, and in order to accelerate Bidrento's growth in new markets, we are planning to open a new financing round soon," said Annus.
Founded in 2019, Bidrento provides all-in-one tools for managing commercial real estate, built-to-rent, co-living, student housing and mix rental portfolios.
Bidrento's solutions support the entire rental property cycle, i.e. activities from pre-lease communication to the termination of a lease and onboarding the next tenants to launch a new rental cycle. In addition, Bidrento offers a tenant app and helps with the reduction of the CO2 footprint and energy consumption.