While many sectors, such as fintech or e-commerce, are flourishing in the startup world, real estate still does not get that much attention. Proptech (property technology) is still relatively new when compared to the most popular trends. This gives proptech startups a chance to disrupt the current state of the market. Rention, a Latvian company, seizes this opportunity and is ready to become the go-to platform in this field.
“In our times, solutions which automate boring and bureaucratic things are more and more interesting for everyone. We are first of such kind in real estate,” explained Alexander Zelinsky, the CEO of Rention. The Rention platform connects all parties involved in property management – service providers, owners, tenants, and government. “We are speaking about 85% of real estate market in Latvia,” said Zelinsky. “We are capable of connecting around 700k apartments in Latvia alone. As our market entrance policy allows us to do same in almost any market, we are speaking about millions of users in just a couple of months from now.”
For the last two years, Rention has been setting the scene, signing integration partnerships with almost all possible accounting solutions in Latvia, chambers of commerce and market players such as associations or service providers. Now, the platform can be used by both tenants and landlords for all of the communication and management they ever need: agreement signing, payments, meter readings, accounting, or repairs. The system is extremely intuitive and, most importantly, so comprehensive that it doesn’t require the customers to use any additional systems.
Aleksander Zelinsky, the CEO, and Maksims Korzanovs, the current CVO, have founded Rention together back in 2014. They both have an IT background; Zelinsky has been working mostly in the administrative and security fields, while Korzanovs in business administration and development. After two years of developing their product, they are now starting to connect customers in Latvia, Lithuania, and Estonia. They are already planning to enter Poland, Germany and Benelux countries in the nearest future.
Rention has already gained interest from two angel investors from LATBAN.lv, as well as from Shvest Limited fund from the UK. They are currently raising another (Series A) round of 2 million EUR. This investment will bring them closer to their goal: “to connect everyone involved in one place and to become Starbucks in property management – one tool for any person in any country worldwide”.