Rocket Internet backs rental start-up

German ecommerce investor Rocket Internet is backing online apartment rental firm Nestpick as the start-up expands into four European countries, aiming to connect landlords with tenants and put real estate agents out of a job.

Nestpick said it was expanding into 14 cities in Britain, France, Italy and Spain, seeking to do for medium-term property rentals what AirBnB has done to transform the market for short-stay rentals for holiday and business travellers.

The company targets international renters moving to new cities and wants to turn apartment rentals into a more secure process for young professionals and students comfortable with online transactions.

"Our vision is to replace every real estate agent," said former business student turned Nestpick founder Fabian Dudek. – (Reuters)