Re-Leased, a proptech offering property portfolio management services, announced today raising a $15 million (£11.9M) funding round led by JLL Spark, according to UK Tech News (UKTN).
The company says it will use the funding to continue its international growth plans and to develop and release new software products and partnerships. The proptech has now raised a total of $24.8 million in funding to date, with previous capital coming from a number of angel investors.
Founded in 2013, Re-Leased provides developers and landlords greater visibility into their properties and supports building maintenance, reporting, invoicing and document storage through its portfolio dashboard.
“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,” Re-Leased CEO Tom Wallace told UKTN.
The company has expanded internationally since its founding, with a headquarters in London and operations in the U.S. and Australia and says it is already used to manage more than 50,000 properties and 100,000 leases worldwide.
“Re-Leased’s cloud-native software is disrupting the status quo, revolutionising the way its customers run their businesses,” said Kitty Sullivan, principal at JLL Spark, a corporate investment division of global real estate investment firm JLL (Jones Lang LaSalle).
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Since launching in 2017, JLL Spark has become a notable and active investor in the proptech market, with over 30 investments in the sector and recent high-profile investments including Roofstock, OpenSpace and Veev.
“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,” Sullivan added.
In other recent proptech news, Allbridge CEO discussed the keys to adopting and servicing proptech. Sumutasu also announced a $10 million Series B to lead Japan’s iBuyer market.