Long Term Rental Platform Rentberry Tops $8 Million on StartEngine

RentBerry, a long-term rental platform, is raising money on StartEngine using Reg A+. According to the offering page, Rentberry has topped $8.5 million from more than 5000 investors.

The security offered is common shares at a pre-money valuation of $25 million. The Proptech hopes to raise up to $12.4 million in total. The offering notes that Rentberry previously raised $1.07 million in a Reg CF offering.

Rentberry shares that it has previously raised $13 million from VCs and “high profile” investors.

Rentberry is a digital platform that believes the rental market is due for some digital transformation. The company claims to be the first global home rental platform that makes the long-term rental process transparent while helping properties realize their true market price.

In 2020, Rentberry reports that it had 4 million users with 11 million properties in 87,000 different cities.  Rentberry is not reporting data for 2021 – which may have a been a challenging market for the service due to COVID and certain restrictions.

According to the offering circular, which was approved a year ago, Rentberry’s platform offers an all-in-one home rental ecosystem. Rentberry automates all the standard rental tasks from submission of personal information, credit reports and custom offers to conducting virtual tours, negotiating rental terms, eSigning rental agreements and sending maintenance requests. The platform is available both on iOS and Android, as well as the web, and is “operational” in 40 different countries.

Rentberry says its next phase of growth will be a new mid-term residential rental market, under the brand “Flexible Living”.

As part of this plan, Rentberry intends to acquire properties throughout the United States, Europe, and Asia to serve as mid-term rental properties (leasing of minimum three months and a maximum of one year) on the Rentberry platform. At least part of the funds raised in this offering will be used for property acquisition and the company states that it will need to raise future funding to execute on the property acquisition mission.

In the long run, Rentberry’s goal is to become one of the largest owners of home rentals.

Rentberry reports a net loss from operations for the fiscal year ended December 31, 2020, of $2,035,952. Many, if not most, early-stage firms lose money. Several previous funding rounds are outlined in the offering circular including an initial coin offering (ICO) where tens of millions of dollars were raised during the height of the ICO phase. Rentberry notes that issued tokens have no rights to the firm and they have no plans to “engage in future ICO transactions.”

If you are interested, you can review the securities offering here.

 


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