Software developers in Napier are at the forefront of an international expansion plan for Hawke's Bay tech company Re-Leased, which has just agreed a new $2.3 million deal to team up with two financial giants on opposite sides of the globe.
Founded five years ago by Havelock North entrepreneur Tom Wallace, cloud-based commercial property-management platform Re-Leased has just raised $2.3m from New
Zealand and UK investors in its first external capital round to fast track development and attract larger international customers.
The company's platform manages more than 35,000 properties worldwide for commercial
landlords and managers through cloud-based technology.
This is the first time outside investors have been invited to join the start-up, with its new shareholders now including 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, which formerly owned a stake in London's famous Gherkin skyscraper.
The majority of Re-Leased's 50 strong headcount, including software developers, are based in Napier and Auckland, while its sales and customer support presence is being increased in key international locations.
Speaking from London, Wallace expected the company would be able to retain and further its Napier operations at the Ahuriri Tech Hub.
"Napier is our global development office and we have an amazing team there. The raise means that we can continue to build the team and attract highly skilled tech talent to the Bay. "
Evans Randall chief investment officer Paul Kendrick was "excited" about the deal.
"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."
Re-Leased processes over $250m in rent, each month, for over 500 companies in about 40 countries through a subscription-based platform, with more than 70 per cent of its revenue overseas, where its high-growth markets include Australia and the UK.
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.
Wallace, who is spearheading international expansion from London, said Re-Leased was addressing a global market opportunity, which required the company to seek out the right investors to help realise its growth ambitions.
"Our new shareholders bring extensive commercial experience, deep industry knowledge and connections, including in the UK, our largest market."