PropTech Group Shows Impressive Growth in Q1 Figures

October 26, 2021
Share this Post: 

The ASX-listed property technology group The PropTech Group has released figures for Q1 of its FY22 operations. Headline figures from the report include:

  • Cash receipts from customers of A$5 million, up 99% year-on-year.
  • Market share of agencies in Australia and New Zealand paying for at least one PropTech group product up to 41% from 34% at the end of the last quarter.
  •  Annual recurring revenue of A$16.3 million, up from A$12.4 million in the last quarter.

Co-founded by Australian industry figure Simon Baker in 2006 under the name Real Estate Investar, the newly formed PropTech Group relisted on the Australian Stock Exchange in October last year after buying out leading sales CRM products MyDesktop and VaultRE.

The latest quarter represents strong growth for a company that now accounts for an estimated 2+% of all Australian and New Zealand agency spending on SAAS subscriptions.

"Our focus is firmly on delivering strong organic growth with our SAAS products being just one area of growth for us." said Group CEO and MD Joe Hanna.

"Our merger, acquisition and partnerships strategy is designed to increase market share, expand our range of products, open new markets, and increase our share of agency spend. We continue to look for partners that can rapidly scale into market leaders by combining their products with our large customer base."

The company now offers a broad range of solutions for agencies in Australia and New Zealand and added Eagle Software CRM to the group in July. The first quarter of the Australian financial calendar also saw the firm enter into a joint venture agreement with three other companies to launch BNPL marketing products under the name PropPay.

Speaking of the possibilities that the new joint venture presents, Hanna said:

"PropPay is an example of the many opportunities open to us due to our deep integration into the real estate agent's workflow. In its first stage, PropPay will help vendors fund their property marketing and enable agents to obtain early access to their commissions, addressable markets worth a combined estimated A$16 billion every year."

Shares in the company were up over 14% on the day to A$0.68 at the time of writing as the Australian stock market reacted to the positive news.

October 26, 2021
Edmund got to know the world of portals and marketplaces working at Mitula Group (which became Lifull Connect after the buyout in 2018). He worked directly with hundreds of portals across the world in his role in the content department for three and a half years before transferring to the SEO department to understand the inner workings of listings sites. He joined Online Marketplaces as Head of Content in March 2020.

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Rightmove Opt 1
Rightmove Appoints Former Just Eat MD, Matthew Bushby as Its New CMO

British market leader Rightmove has announced the appointment of Matthew Bushby as its new Chief Marketing Officer. Bushby joins the...

Read More
Shutterstock 603344765
Casai Merges with Fellow LatAm Short Term Rentals Specialist Nomah After Job Losses

The Mexican short-term rentals marketplace operator Casai has merged with its Brazilian counterpart Nomah. Existing investors including a16z and Monashees...

Read More
Shutterstock 147091049
REA India Sidesteps Agents with Country's First User Subscription Service - 'Housing Premium'

The REA India-owned real estate portal Housing.com has announced the launch of a new user subscription service that aims to...

Read More
Boligportal
North Media Posts Q2 Financial Results—BoligPortal on Track

North Media, the media group and operator of Danish Portal BoligPortal, released its Q2 2022 financial report, with results "as...

Read More

Editor's Pick