Cloud-driven commercial property management platform, Re-Leased has just ended its first capital round with NZ$2.3 million (about US$1.5 million) for fast-track development and grab a larger international customer base. The platform manages over 35,000 commercial properties worldwide for landlords that support cloud-based technology. New Zealand and United Kingdom investors participated in the round.
This is the first time outside investors have been invited to join the startup which has self-funded to date. The new shareholders include Gerard Gillespie, co-founder of Ezibuy, as well as Kent Gardner and Paul Kendrick, partners in London-based private equity real estate business Evans Randall Investors.
Founded by Tom Wallace in 2013, Re-Leased now processes over $NZ250 million in rent per month for over 500 companies in over 40 countries. The platform is focussed on servicing commercial landlords and property managers who can generate economies of scale by automating business processes. Customers report time savings of between 70% and 90% as a result of adopting Re-Leased.
The subscription-based platform and Award-winning Xero partner now earns over 70% of its revenue overseas where its high growth markets include Australia and the UK. The majority of Re-Leased’s 50 strong headcounts including software developers are in Napier and Auckland, while its sales and customer support presence is being increased in key international locations.
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