A prop tech company looking to expand its offering in key markets globally including the UK, has raised $15 mln (€14 mln) of working capital in a funding round led by JLL Spark, the venture capital arm of the global agent.
New Zealand-founded Re-Leased, which is a cloud-based commercial property management platform that launched in 2013, wants to branch out to international markets as well as invest in its core software platform, and launch a series of new products and partnerships.
Backed by the new funding, Re-Leased plans to invest significantly in product development to fuel expansion in the US, Asia Pacific and UK markets, it said, whilst also launching new products that will transform payments, insurance, data and ESG for the commercial real estate sector. The investment will also allow the company to build further integrations with new partners from JLL’s network.
Already the platform claims to have transformed a traditionally slow-moving industry with a modern, cloud-based product, which integrates with other leading platforms such as Xero, QuickBooks, Sage, Netsuite and Stripe. It is used to manage over 50,000 properties and 100,000 leases worldwide.
The company has offices across the UK, Australia, New Zealand and the US.
Tom Wallace, Re-Leased’s CEO, said: 'We believe in the power of technology to shape the future of commercial real estate to drive better outcomes for people, property and the planet, and JLL Spark’s backing is a strong validation of this vision and the platform we’ve built.'
'Commercial real estate needs to adapt to remain relevant and thrive in a post-pandemic world. This investment and partnership with JLL Spark will help to cement our place as a global leader in this technological shift.'
Its first UK office opened in 2016. Key milestones include the launch of an app for landlords in 2018 and an app for property managers in 2019.
