Re-Leased, a New Zealand-based property software company, has raised $12.5 million in an oversubscribed funding round led by Movac, with additional participation from Icehouse Ventures and existing investors. This capital will support the expansion of Re-Leased’s AI capabilities within its software, including its AI tool, Credia. Additionally, the funds will provide liquidity to early investors and help the company expand its presence in the UK and US markets.
During the COVID-19 pandemic, Re-Leased shifted its strategy to focus on capital efficiency and achieving a break-even point. This approach has resulted in sustained growth and strong unit economics, attracting substantial interest from investors despite a challenging global investment environment.
Tom Wallace, Founder of Re-Leased, stated, “Our aim is to assist clients in running better real estate businesses. With the real estate sector facing significant headwinds and a cyclical downturn, many property professionals are recognizing the competitive advantage offered by automation and AI.”
Over the last year, Re-Leased concentrated on enhancing capital and operational efficiency while investing in its product. This strategy has resulted in a customer base of 1,400, involving 350,000 tenants and a rent roll of $7.5 billion, alongside strong investor interest.
Jason Graham, General Partner at Movac, commented, “Re-Leased is not a ‘nice-to-have’ but a core operating system for its clients. It has been adopted by some of the largest real estate firms worldwide and is well-positioned to deliver tangible value through its AI technology.”
AI Targeted for Industry-Specific Challenges
Re-Leased’s application of AI is targeted toward specific issues within commercial real estate. “Real estate involves many necessary but repetitive and low-value tasks,” Wallace explained. “AI provides significant opportunities for innovation, allowing our clients to focus on relationship-building and creative, value-added activities.”
Credia, launched in June, is Re-Leased’s AI-driven tool designed to enhance productivity. It integrates with email to automate processes such as reading maintenance requests, sending out quotes, creating work orders, and drafting emails. “Tasks that used to take minutes can now be completed in seconds,” said Wallace. He further noted that this represents just the start of Re-Leased’s AI journey, with plans for an AI ‘Agent’ to automate entire business functions.
Plans for Further Growth
The new funding will also help expand Re-Leased’s go-to-market teams in the UK and US. The company has reported growth in users through large partnerships, including an impending seven-figure deal with a publicly listed UK real estate firm.
“Re-Leased is committed to leading the transition to cloud technology in commercial real estate,” Wallace concluded. “We aim to continue delivering value through innovative software that supports our clients and investors.”
About Re-Leased
Re-Leased is a commercial property management platform that helps real estate businesses thrive in a digital-first world. By integrating the AI capabilities of Credia with property, tenant, lease, and accounts information, Re-Leased provides a comprehensive solution for managing over 350,000 leases worldwide. The company operates from offices in Auckland, Dallas, London, Melbourne, and Napier.
By Proptechbuzz
By Ravi Kumar
