Australian-based real estate startup, ActivePipe, has raised $6 million in a pre-Series B convertible note funding and looks to support growth in the United States
The funding comes from insurer IAG’s Firemark Ventures, and Second Century Ventures, the venture capital arm of the National Association of Realtors (NAR).
Founded in Melbourne by Ashley Farrugia, ActivePipe is an automated real estate marketing platform designed to make life easier for real estate agents, using predictive data to identify and manage their high-value contacts.
A former Smart50 finalist, the startup raised $5.9 million in Series A funding in February 2018, led by NAB Ventures.
The following May, it entered into the US National Association of Realtors Second Century Ventures 2018 REach® accelerator program, with the NAR taking a minor stake in the business.
Since then, the platform has taken off in the states, Farrugia tells StartupSmart:
“Our product-market fit couldn’t have been better. We got a huge reception from our product over there.”
While the Founder doesn’t disclose exact revenue figures, he says in June 2019 ActivePipe saw compound growth of 80%, company wide.
He also notes the startup has just signed its biggest enterprise agreement of all time.
This year, the startup is expecting to see about 350% growth in its US business alone, where it has a rapidly growing customer base of more than 10,000, adds Farrugia.
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