Re-Leased, the cloud-based commercial property management platform, has raised NZ$2.3 million from New Zealand and UK investors in its first external capital round to fast track development and attract larger international customers.
The platform manages over 35,000 properties worldwide for commercial landlords and managers , using cloud-based technology to reduce the costs of administering portfolios while also enhancing tenant services.
This is the first time outside investors have been invited to join the start up 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 focused on servicing commercial landlords and property managers who can generate economies of scale by automating business processes. The platform says customers save between 70 per cent and 90 per cent of their time as a result of adopting Re-Leased.
The subscription-based platform and Xero partner now earns over 70 per cent of its revenue overseas, including Australia and the UK. The majority of Re-Leased’s 50 strong headcount, including software developers, are in Napier and Auckland, while its sales and customer support presence is being increased in key international locations.
Investor Paul Kendrick said “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.”
Tom Wallace, CEO, who is spearheading international expansion from London, said “After decades of stability, commercial property is facing unprecedented disruption from emerging technologies as 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.
“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.”
Commercial landlords and property professionals can manage their entire portfolio via Re-Leased’s dashboard, providing control and visibility over business processes including invoicing and arrears management, lease events, document storage, building maintenance, accounting and reporting.
Re-Leased also has a new mobile app which allows tenants to easily lodge maintenance issues, and view important dates and documents.
Major customers in New Zealand include NAI Harcourts, Barfoot & Thompson, APL, and Cameron and Ray White in Australia and Collinson Hall and Commercial Property Partners in the UK.