Property Connect Holdings bags $1.55M to expand rental platform
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09:30 07 Apr 2017
Received strong support from new and existing shareholders.
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Property Connect is launching the platform in Australia Property Connect Holdings (ASXCH) has successfully completed an oversubscribed placement of 140.9 million ordinary shares at $0.011 each, raising $1.55 million.
The capital has been raised from new and existing professional and sophisticated shareholders, significantly broadening Property Connect’s shareholder base.
The funds raised will be used to continue onboarding new customer properties to the company’s LiveOffer platform.
Property Connect’s LiveOffer software as a service (SaaS) platform offers property management companies a simple solution to manage their residential leasing process.
The platform facilitates a real-time rental application process, which maximises rental revenue for property management companies, while optimising the rental offer process for tenants.
The new funding will allow the company to accelerate its U.S. multifamily market penetration through expanded marketing and sales activities.
Property Connect will also deploy funds for the trial of the LiveOffer platform by Century 21 in Victoria and Western Australia, commencing its Australian market presence.
The company has already signed two property managers, Berger and EIMC in the U.S., and has begun on-boarding all apartments currently available for rent to its platform.
Property Connect will earn an upfront conversion fee plus a percentage of the property’s rent based on the term of the lease.
The company’s share price increased 50% during the past three months, last trading at $0.012.
CH) has successfully completed an oversubscribed placement of 140.9 million ordinary shares at $0.011 each, raising $1.55 million.
