COMMERCIAL real estate tenant experience technology company Equiem has completed its largest ever capital raising, securing more than $12.4 million from a number of different investors including Grollo Group and Salta Capital.
The total is the biggest single funding round reported by any commercial tenant experience technology company to date and takes the amount invested in Equiem to over $30 million.
Along with Grollo and Salta, the other investors include Aconex founder and CEO Leigh Jasper, Perennial Value and Regal Funds Management. Several high net worth investors from the USA also committed, representing the first US-based capital invested in the firm.
The completion of the funding round coincides with the launch of the latest iteration of Equiem’s market-leading tenant experience platform, dubbed Equiem NEXT, the development of which was facilitated by Equiem’s previous capital raise in 2016. NEXT is the culmination of a two-year rebuild of the firm’s previous technology stack, which overhauled legacy systems to create a new open platform and architecture that facilitates Equiem’s future product roadmap.
The latest funding will also be used to support Equiem’s ongoing expansion across both new and existing markets. Founded in Melbourne in 2011, Equiem works with 10 of Australia’s 11 biggest REITs. The company’s technology is now used by more than 145,000 people across 60 million sq ft of prime commercial space worldwide, and by more tenants around the world than any other provider. In the last two years Equiem has expanded to the USA, the UK and Ireland, rolling out across more than 19 million sq ft in those markets. The firm has identified Canada and Singapore as its next markets for further expansion.
Equiem’s CEO Gabrielle McMillan said the company will continue to assess capital requirements in line with growth, but expects to announce a larger US-backed funding round later this year.
“As the real estate industry matures in terms of its adoption of technology, we want to keep raising the bar in the tenant experience technology space. Over the last eight years, we have consistently invested in our product to ensure we offer the industry’s most advanced tenant experience platform, culminating in the recent launch of Equiem NEXT.
“The completion of this latest funding round now allows us to further develop our product line and deliver on a really exciting future roadmap, ensuring that we provide the next generation in tenant experience technology and remain the go-to provider in the global real estate market,” McMillan said.