Estonia-based rental property management software company Bidrento has successfully closed a new round of equity funding, which was led by the founders of Pipedrive. The funding will be used for targeting the Central European market.
Led by investors Timo Rein and Urmas Purde, founders of the Estonian-born sales management software company Pipedrive, and joined by Peep Vain, Taavi Kotka, Ivo Mägi and other local real estate investors, this new funding round will support Bidrento’s ongoing expansion into the German-speaking market.
“I decided to invest in Bidrento because I believe in both the team and the idea,” said investor Urmas Purde, one of the founders of Pipedrive. “As a property owner myself, I’m familiar with the management problems that come with it, so I know that the problem they’re solving with their product is very real.”
Bidrento was founded by Natalja Napsep and Taavo Annus with the aim of integrating all rental property management actions into one multi-tasking platform. By automating and facilitating various activities, such as drafting and signing contracts, conducting tenant background checks, managing day-to-day problems, and sending out bills and reminders, the platform allows landlords, letting agents and property managers to spend less time on manual paperwork and focus on strengthening their business.
“The main goal of rental property investors and management companies is to grow their portfolio and maximize their profits. Bidrento supports this goal by allowing them to manage portfolios that are four times as large with the same amount of people,” commented Bidrento’s co-founder and CEO Taavo Annus.
Bidrento is not just property management software. The platform supports 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. The team is developing innovative solutions using feedback from the company’s existing customers to ensure all their needs are covered and updated with the rapidly changing world. In effect, this means that the software now allows all rental activities to be conducted fully online and contactless.
“Our product speaks to rental property investors and owners, and we are happy to contribute to their growth,” Annus said. “This month, for instance, we have seen three of our customers grow the rental portfolio they’re managing by 80%,” he added.
“What confirmed my trust in the company was the feedback of Bidrento’s existing customers,” said investor Ivo Mägi, a successful Estonian startup founder. “Their product is useful and strongly integrated into the work processes of the target group. The team is working alongside its customers to plan further developments and takes into account customer feedback. All this shows that they’re solving a real problem and that the market values their efforts.”
Within the past six months, the company’s growth has been a stable 25-50% a month. In a short period of time, Bidrento has become the number one rental property management software in the Estonian market. Using the experience that the company has had in its home market, Bidrento’s next goal is to use the funding in expanding into other markets. The first target is the German-speaking market, but the founders are confident that national borders do not limit their further growth as the product is fully cloud-based.
The company is also planning to use the funding for growing its team. Currently, Bidrento is looking for new hires in their marketing, software and product teams, as well as a German-speaking sales manager.
Founded in 2019, Bidrento offers its customers all-in-one software for managing long-term rental apartments, rental houses and rental portfolios. The founders of the company decided to have their try at improving the rental property landscape after realizing that many of the problems associated with the management of rental properties could be solved with fairly simple technological solutions. This is how founders Natalja Napsep, with international real estate experience, Taavo Annus, who has a financial background, and Umar Zarip, who has extensive experience in software development, joined forces and created a platform that automates and simplifies the daily operations of landlords, letting agents and managers. Today, Bidrento offers innovative solutions for rental property managers that support the entire rental 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.