New Zealand-based startup Re-Leased, a cloud-based commercial property management platform, has raised $15 million in funding. The investment round was led by JLL Spark, the venture capital arm of the global real estate leader JLL that recently also invested in Veev. More undisclosed investors participated.
Global expansion plans
It plans to invest significantly in product development to fuel expansion in the US, Asia Pacific and UK markets. The funds will also be used to launch exciting 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 expansive network.
Kitty Sullivan, Principal, JLL Spark, said: “Re-Leased’s cloud-native software is disrupting the status quo, revolutionising the way its customers run their businesses. We are confident in the platform’s potential to push the envelope of digital transformation for the sector and look forward to supporting its global growth.”
Tom Wallace, Re-Leased’s CEO, said: “We are thrilled to have JLL Spark behind us as we embark on a new stage of global growth and product innovation. At Re-Leased, 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. This investment and partnership with JLL Spark will help to cement our place as a global leader in this technological shift.”
How was Re-Leased born?
Re-Leased was founded in New Zealand by Tom Wallace in 2013 after experiencing the pain of managing property and tenants using old desktop software, spreadsheets and email. After researching cloud technology products in other industries. He realised there was a global opportunity for a better property management solution that placed automation, design and great user experience and came up with the startup.
The modern cloud-based, commercial property management platform centralises portfolio data, automates workflows, and provides live visibility for landlords, property managers, tenants, and accountants. The company allows commercial property landlords to manage their entire portfolio via the platform’s dashboards, thereby providing greater control and visibility over business processes including invoicing and arrears management, lease events, document storage, building maintenance and reporting.
Currently, Re-Leased is used by thousands of commercial real estate companies worldwide to manage their property portfolios. The platform has transformed the slow-moving industry with a modern, cloud-based product, which integrates with other leading platforms such as Xero, QuickBooks, Sage, Netsuite and Stripe. With a strong focus on workflow automation and user experience.
Re-Leased now manages over 50,000 properties worldwide, including 100,000 commercial leases in the UK. The team has grown to more than 150, with 50 new members joining in the past year alone. The company has offices across the UK, Australia, New Zealand and the US.