Zing Capital, Vancouver Washington venture capital fund, participated in the ICO of blockchain-based startup Rentberry, the next big disruption in real estate industry.
Zing Capital partners with startups, specializing in marketplaces for consumers and businesses. It helps entrepreneurs disrupt marketplaces and break into industries and has invested in about a dozen projects, including Trend Capital, Lead Economy, Picr, Sales Venue and Renberry.
This time it participated in the private sale during which Rentberry offers up-to 80% bonus. It was lead investor in Renberry’s second seed round as well.
Rentberry is a blockchain-based startup that was established in 2015 in San Francisco. It wants to disrupt traditional rental markets by introducing blockchain technology into the industry.
There are more renters now I the US than in the last 30 years. Currently, there are over 2.3 billion people living in 641 million rental units. $500 billion are locked in security deposits.
In California rents are skyrocketing, and a one-bedroom apartment in Los Angeles would cost more than $2000 a months. Local rental laws allow landlords to charge a security deposit up to three times of the monthly payment and fees for application screening as well.
“At different stages of my life, I had a first-hand experience of both renting and managing properties. It helped me realize that the entire system of long-term rent was broken. Hefty fees, secret bidding wars, and tiresome paperwork were all an inherent part of this world, and it had to be fixed in some way”, says Rentberry CEO and founder Alex Lubinsky.
Rentberry wants to help qualified tenants who can’t afford the hefty security deposit to be able to rent the apartment they like. Rentberry is proposing a blockchain solution that will allow renters to crowdsource their security deposit coverage. This will be done by tokenizing the platform with BERRY tokens.
The Rentberry community (tenants, landlords, friends, family or even Rentberry itself) will have the ability to utilize their BERRY tokens to cover a portion of rental security deposits for selected tenants in exchange for rewards in the form of BERRY tokens.
According to Lubinsky, Rentberry helps tenants to save 5.1 percent on rent compared with what landlords asked.
Rentberry’s services are transparent and easy to use both for tenants and landlords. Rentberry is already available in 5000 cities across the US. In 2018 it will have 4 million users, 1 million listed properties and expand in Canada and several Asian and European countries. By 2020 it intends to go globally.
Rentberry plans to offer its blockchain real estate infrastructure to tenants and landlords around the world by partnering with local credit bureaus, banks, insurance companies and real estate companies.
Sale of BERRY tokens started on December, 5. Tokens are sold at the exchange rate 1 ETH = 2,500 BERRY, minimum purchase is 250 BERRY. Rentberry is looking to raise $30 million in ICO (and it had close to $30 million subscribed to the sale).
The Rentberry ICO represents a major opportunity to buy tokens in a truly disruptive blockchain application. Early bird participants will receive a token bonus of 27% through December 26th.
The sale will run to February 28th and BERRY tokens can be traded for Ethereum and Bitcoin.
1 ETH = 2,500 BERRY
Minimum Purchase, 0.1 ETH = 250 BERRY
Soft Cap: 3,000,000 USD
Hard Cap: 30,000,000 USD
Rentberry’s tokens BERRY are available via Cryptonomos.
Buy tokens: https://rentberry.cryptonomos.com/
Telegram RU: https://t.me/icocryptonomosrus
Telegram ENG: https://t.me/cryptonomos_icos
