Gustas Germanavičius, Founder and CEO of InRento.
We continue expanding abroad. Recently we have expanded to Spain and today we announced that InRento acquires Estonian real estate marketplace BitOfProperty, which offers a similar service. It will be integrated into InRento’s platform.
The Estonian-created BitOfProperty operates on a similar principle to InRento. However, BitOfProperty did not offer a crowdfunding model before, but it allowed to buy & sell pieces in real estate that generate passive income, similarly to a stock exchange.
"The company has put a lot of effort into building investors trust in its product. It is a well-recognized brand both in Estonia and abroad. By acquiring this platform, we will expand our services and awareness, as well as attract new investors,” says Gustas Germanavičius, Founder and CEO of InRento.
The integration will lead to InRento's development
We plan to fully integrate the BitOfProperty and move all data from the Estonian platform to InRento. BitOfProperty’s website will also be redirected to InRento’s buy-to-let crowdfunding platform.
Karl Vään, the co-founder of BitOfProperty, says there is no doubt that the deal will help InRento achieve its goals. "Our platform will be a piece of Inrento’s journey and we couldn’t be more excited about this. We believe that this acquisition strongly complements Inrento’s business and users that BitOfProperty accumulated over the years can reap benefits out of this,” says K. Vaanas.
BitOfProperty has a market turnover of almost half a million euros. All its financed properties have been sold profitably, and the total return on all investments has exceeded 10%. The company is also funded by companies in Singapore and Japan, which have attracted a total of 450,000. euro capital investment.
"More than 250 clients have already invested in rental projects on our platform. They have funded by 2 million euros of investments in total. However, our ambitions are much higher - we aim to increase company’s worth up to 100 million euros in a gap of 5 years. A way to do so we must expand our services into foreign markets. The acquisition of the Estonian platform is one step closer in creating an international investment platform. Recently we have also presented buy-to-let projects in Spain,” says G. Germanavičius.