Berlin-based rental startup announced on Novembeer 2, 2015 that it has secured $11 million in a Series A investment from Mangrove, Enern and Rocket Internet. nestpick’s technology allows renters to book homes without the need for in-person viewings and simplifies the letting process for landlords.
“In five years from now, people will be renting their homes entirely online, bringing fairness, transparency and joy into the broken real estate market. This investment will help us create a better experience for our landlords and tenants, taking us closer to our vision”, says Fabian Dudek, founder and CEO.
Initially launched as a platform for international students and expats, nestpick has broadened its scope to become the destination for everyone to find their next home. By now more than 33% of tenants are locals. “This company is solving a real pain point for consumers by creating a seamless rental experience entirely online. At Mangrove we focus on disruptive concepts that solve real problems. nestpick is achieving this by bringing reliability and convenience for both tenants and owners to the next level. We are excited to add nestpick to our portfolio and look forward to supporting them on their path to become a global market leader”, concludes Hans-Jürgen Schmitz, Mangrove’s co-founder.
In the past year nestpick listed more than 21,000 homes and transacted over €16 million in rental income for landlords.“Landlords have largely relied on classified websites as their main source for showcasing their inventory. By joining nestpick’s booking platform, property owners and landlords save both money and time in the process of finding new tenants. More importantly, nestpick helps landlords to optimize the occupancy rate of their properties”, says Dr. Patricia Moubarak, co-founder and COO.
Founded in May 2014 by Fabian Dudek in the Netherlands, the platform has been backed by Rocket Internet since December 2014 and moved to Berlin where Dr. Patricia Moubarak joined the team. Expansion followed shortly after to more than 35 cities across eight European countries, as well as a recent launch in Australia.
Alexander Kudlich, Rocket Internet’s Group Managing Director, states: “We are looking forward to seeing nestpick grow. Our continuous investment in the company reflects our trust in their business model. Their innovative concept has digitised a whole market, something no one else is doing at the moment. Standing in queues for flat viewings is now a thing of the past. We believe that this investment puts nestpick in a leading position to disrupt the long-term rental market.”
nestpick is a service for a new generation, bringing a necessary change to the broken rental market. The platform enables a simple, secure and convenient way to find and rent homes for the long-term, entirely online. Founded in 2014, the company aims to develop the new standard of how people rent their homes.
Backed by Rocket Internet in 2014, the platform is present in 35 cities across eight European countries and Australia, with more than 21,000 nests. The startup, founded by Fabian Dudek and supported in its global expansion by Dr. Patricia Moubarak, was awarded two prizes for entrepreneurial effort in the Netherlands, the LOEY and STUOP.
About Mangrove Capital Partners
Mangrove Capital Partners (www.mangrove.vc) is a leading early stage venture capital firm. Its team chases bold, transformational ideas around the world, with a combined focus on Europe, Israel, India and Russia. Mangrove works with top entrepreneurial talent at the earliest stages of innovation, with the aim of being the first institutional investor: the firm has co-created projects and regularly injects funds prior to product launch, often in unproven, unusual or unfavoured technologies. Its team brings rich and diverse experience in industry as well as technology, and its entrepreneur-centric approach ensures founders have the support, encouragement and experience they need to build disruptive, global companies.
With $750 million under management, Mangrove has the capacity to support its portfolio through multiple rounds of financing and is the largest shareholder in many of its best performing companies. Founded in 2000, Mangrove has invested in more than 70 companies, including Skype (sold to eBay),Wix.com (Nasdaq:Wix), Brands4Friends (sold to eBay), Nimbuzz (partially sold), Freedompop and KupiVIP. Mangrove has consistently featured among the top performing venture capital funds in the industry.
Enern is a venture capital company. In the consumer internet sector, Enern has been investing in marketplaces, e-commerce verticals and early-stage FinTech companies since 2011. It currently manages €80 million in funds, with offices in Prague and Warsaw. A new office in Berlin will be opening, with a fresh €50 million in funds. Find out more about Enern at www.enern.eu.