Cloud-based commercial property management platform Re-Leased Software Co Ltd has raised $2.3 million from new investors in New Zealand & the UK to fast-track development and attract larger international customers.
In its first external capital round, the Auckland-based company’s new shareholders include Ezibuy Ltd co-founder Gerard Gillespie and Kent Gardner & Paul Kendrick, partners in London-based private equity real estate business Evans Randall Investors Ltd.
Tom Wallace (pictured) founded Re-Leased in 2012. It now processes over $250 million/month in rent for over 500 companies in over 40 countries.
The platform manages over 35,000 properties worldwide, focusing on servicing commercial landlords & property managers who can generate economies of scale by automating business processes. Customers report time savings of 70-90% as a result of adopting Re-Leased.
Major customers in New Zealand include NAI Harcourts, Barfoot & Thompson and APL Property Ltd; in Australia, commercial & industrial property manager Cameron and Ray White, and in the UK, Collinson Hall and Commercial Property Partners.
The subscription-based platform & Xero partner earns over 70% of its revenue overseas, where its high growth markets include Australia & the UK. Most of Re-Leased’s 50-strong headcount, including software developers, are in Napier & Auckland, while its sales & customer support presence is being increased overseas.
The company website spells out its rationale: “We started Re-Leased to change the game for property managers. We heard countless property owners, investors & managers tell us how fed up they were with unreliable & slow software. In 2011, we decided to do something about it. After in-depth consultation & analysis with property experts, we developed & launched Re-Leased — a comprehensive yet user-friendly software system that’s both simple & efficient. We’re here to revolutionise commercial property software and bring it up to speed.”
UK investor Paul Kendrick said: “Kent Gardner & I are excited & 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.”
Mr Wallace, who’s spearheading international expansion from London, commented: “After decades of stability, commercial property is facing unprecedented disruption from emerging technologies as landlords & property managers adopt new & more efficient ways to manage property-related administration, attract & 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 & connections, including in the UK, our largest market.”
Commercial landlords & property professionals can manage their entire portfolio via Re-Leased’s intelligent dashboard, providing greater control & visibility over business processes including invoicing & arrears management, lease events, document storage, building maintenance, accounting & reporting. Mr Wallace said Re-Leased also improves the customer experience for tenants – a new mobile app allows them to easily lodge maintenance issues, and view important dates & documents.
Re-Leased is part of the NZTE Focus 700 and also received a Callaghan Innovation growth grant in 2017 to support its ongoing research & development.
Attribution: Company release.