New Zealand commercial property management startup Re-Leased raises $2.11 million

- July 18, 2018 2 MIN READ

New Zealand startup Re-Leased has raised NZ$2.3 million ($2.11 million) in funding from investors including Ezibuy cofounder Gerard Gillespie and Kent Gardner and Paul Kendrick, partners in a London private equity real estate business.

Founded by Tom Wallace in 2013, Re-Leased has created a property management platform for commercial properties. Managing more than 35,000 properties worldwide, the platform is now processing over NZ$250 million ($230 million) in rent each month, with 70 percent of its revenue coming from outside New Zealand.

Wallace 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.”

The funding will go towards furthering the company’s growth in the UK, where Wallace is now based, and other global markets.

Kendrick said he and Gardner are “excited and proud” to invest in the New Zealand company.

“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,” he said.

Among the company’s customers are NAI Harcourts and Barfoot & Thompson in New Zealand, Ray White in Australia, and Collinson Hall and Commercial Property Partners in the UK.

Elsewhere in New Zealand, electric car sharing startup Mevo has raised NZ$1 million ($918,000) in funding from Z Energy, The Wellington Company, and European Motor Distributors, the parent company of Audi New Zealand, to accelerate its growth.

According to a statement, existing backer has increased its stake in the business to 12 percent, while The Wellington Company and European Motor Distributors now each own a 2.1 percent share.

Erik Zydervelt, cofounder and CEO of Mevo, said it’s promising to see established companies actively engaging in environmentally responsible, future-focused initiatives.

“Our investors share a vision for carbon conscious transport systems in New Zealand and have been fantastic partners to help make this a reality,” he said.

Meanwhile, Auckland-based HR startup Joyous last week announced it had raised seed funding from investors including Australian venture capital firm AirTree Ventures, TradeMe Founder Sam Morgan, and Tuhua Ventures.

Founded by Mike and Philip Carden, Joyous is the second HR venture for Mike; he previously founded online performance management and succession planning startup Sonar6, a business he sold to US company Cornerstone Ondemand for $US13 million in 2012.

Image: Tom Wallace. Source: Supplied.

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