DALLAS,Sept. 4,2024 -- New Zealand-founded property software company Re-Leased has announced an oversubscribed US$12.5m raise led by Movac,with participation from Icehouse Ventures and existing investors. The raise will enable Re-Leased to boost the use of AI within its software (which it has built out with the launch of its AI-tool Credia) and give early investors liquidity. The capital will also assist in funding its continued expansion in the UK and US.
Re-Leased repositioned during the Covid pandemic to achieve 'break even' by focusing on capital efficiency,and has since maintained strong growth rates and unit economics which has attracted high investor interest in a challenging global investment market.
"Our vision is to help our customers run a better real estate business. The global real estate industry is facing significant headwinds and a cyclical downturn,and in this challenging environment we're seeing more property professionals recognise that automation and AI gives them a distinct advantage in the market," explains Tom Wallace,Founder of Re-Leased.
Over the past 12 months,Re-Leased has focussed on capital and operating efficiency and investment into its product. This strategy has paid off to the tune of 1 400 customers with 350 000 tenants and a rent roll of US$7.5 billion as well as high investor interest.
Movac's General Partner Jason Graham says "Re-Leased is not a 'nice-to-have' but the core operating system of their customers. As a result,it has been embedded across some of the largest real estate companies globally and is perfectly positioned to leverage its AI technology into real value for its customers."
AI; but not just 'for the sake of it'
Re-Leased has focused its use of AI on a very niche set of challenges that are specific to commercial real estate.
"In real estate there are endless tasks that are necessary,yet low value and repetitive - so the opportunity for AI innovation is huge. We want to enable our customers to get back to what they love: building relationships and engaging in creative,value-add work," says Wallace.
Launched in June,Credia (the AI-powered 'brain' of Re-Leased) acts on a user's behalf to supercharge productivity. For example,Re-Leased has integrated AI with email to read maintenance requests from tenants and take actions such as sending out requests for quotes,creating work orders and writing emails.
"Repetitive jobs that previously took 5-6 minutes now take 30 seconds. Credia acts as the best intern you've ever had," explains Wallace,adding "It's AI - but not just 'for the sake of it'." Wallace says he sees this as just the beginning of Re-Leased's journey with AI and is working on an AI 'Agent' which promises end-to-end automation of entire business functions such as compliance and data extraction which he believes will "Completely transform the industry as we know it and the experience of the people who work in it."
Further expansion
Aside from liquidity and product investment,the capital will also be put to work to grow the go-to-market team in the UK and US. Re-Leased has achieved a step-change in users through large partnerships that include a soon-to-be announced seven figure enterprise deal in the UK with a publicly listed real estate business.
"Re-Leased is proud to have led the way for cloud technology in commercial real estate and we are excited and determined to be the leaders of the AI era. Having turned industry challenges into opportunities for growth and innovation,we remain focused on delivering tangible value to our customers and investors by developing software that creates better real estate businesses," concludes Wallace.
About Re-Leased
Re-Leased exists to help its customers run a better real estate business. The commercial-first property management platform empowers customers to thrive in a digital-first world by integrating the intelligence and capabilities of Credia AI with their property,tenant,lease and accounts information—all in one place. With offices in Auckland,Dallas,London,Melbourne and Napier,Re-Leased's technology manages over 350,000 leases globally.More: https://www.re-leased.com/