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Kiwi 'PropTech' startup raises $2.3m to fund expansion

23 Jul 2018

Property tech firm Re-Leased has raised $2.3 million from New Zealand and UK investors in its first external capital round.

Re-Leased, which was founded in 2013 by Tom Wallace, is part of the NZTE Focus 700, and it also received a Callaghan Innovation Growth Grant last year to support its research and development.

The cloud-based commercial property platform processes more than $250 million in rent per month for more than 5000 companies across 40 countries. The platform also manages more than 35,000 properties worldwide.

Wallace is spearheading the company’s international expansion from London and says that after years of stability, commercial property is facing unprecedented disruption from emerging technologies.

“Landlords and property managers adopt new and more efficient ways to manage property-related administration, attract and keep the right tenants and enhance customer service via mobile,” he says.

“Re-Leased is addressing a global market opportunity and we sought out the right investors to help realise our growth ambitions. Our new shareholders bring extensive commercial experience, deep industry knowledge and connections, including in the UK our largest market.”

The company, brings in 70% of its revenue from overseas, including its highest-growth markets in Australia and the UK.

While most of its team of 50 employees are based in Napier in Auckland, the company is increasing its sales and customer support presence in other key international locations.

Finance director Sam Caulton is one of the newest recruits, after joining from venture-backed SaaS firm Topia Limited. He will be based out of the London office.

“Kent Gardner and I are excited and proud to invest in Re-Leased. The property industry is paying lip service to new technology and is wide open for disruption. We are convinced that Re-Leased will have a front row seat in that disruption,” comments investor Paul Kendrick.

Re-Leased targets commercial landlords and managers who want to use cloud-based technology to reduce costs, generate economies of scale through automating business processes, and enhance overall tenant services.

Re-Leased’s intelligent dashboard can deliver control and visibility over areas including invoicing and arrears management, lease events, document storage, building maintenance, accounting and reporting.

Re-Leased says it also improves the customer experience for tenants, and a new mobile app allows tenants to lodge maintenance issues, and view important dates and documents.

The company’s customers include NAI Harcourts, Barfoot & Thompson, APL, and Cameron and Ray White in Australia and Collinson Hall and Commercial Property Partners in the UK.

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