Three ANZ startups that raised $36.1 million this week
Learn more about Re-Leased, Modra and Safe Ag Systems, the three startups that have raised millions in new funding this week.
September 6, 2024
This week we’ve counted three Australian and New Zealand tech companies that have raised fresh capital. One startup focuses on helping commercial property managers work more efficiently, another specialises in technology solutions for the global carpet manufacturing sector, and the third aims to improve safety and productivity in agriculture.
Keep reading to learn more.
But before you do, check out the winner of our Melbourne Pitch event — Oltre. The housing design startup aims to cut down on consultation time for architects as well as provide buyers with access to a new world of thoughtful designs, malleable to every buyer’s personal preferences.
Re-Leased: $18.6 million
New Zealand-founded proptech startup Re-Leased has raised US$12.5 million ($18.6 million) to help fuel the continued global expansion of its AI-enabled property management platform.
Founded by Tom Wallace in 2011, Re-Leased is designed to speed up all aspects of commercial property management, from dealing with maintenance requests from tenants, to sourcing quotes, writing emails and creating work orders.
In June, the startup launched the AI-powered ‘brain’ of the platform, Credia, which it says can slash the time spent by property managers on repetitive tasks.
The oversubscribed funding round was led by Movac, with participation from Icehouse Ventures alongside existing investors.
In a statement provided to SmartCompany, Re-Leased said the funding will help bolster the use of AI in its software, provide liquidity to early investors, and help the startup continue to expand in the UK and US.
“Our vision is to help our customers run a better real estate business,” said founder Tom Wallace in the statement.
“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.”
The startup says it now serves 1400 customers with 350,000 tenants and a rent roll of US$7.5 billion. It has offices in Auckland, Melbourne, Dallas, London and Napier.
Modra: $15 million
Victorian-based advanced manufacturing company Modra has secured a $15 million investment from the Australian Business Growth Fund (ABGF).
As reported by SmartCompany this week, Modra plans to use the new funding for research and development, and the expansion of its workforce to around 50 people, from its base in Warragul in regional Victoria.
The company was founded by CEO Tim Modra in 1993 and focuses on technology solutions for the global carpet manufacturing sector.
The company’s core offerings include carpet prototyping machines Kibby and Mtuft, and a robotic system called CreelMT, which the company says is smaller and more efficient than existing alternatives.
Modra has 200 clients across 35 countries on its roster.
The ABGF is backed by the federal government and major banks, and to date, has invested $180 million of its $540 million capital fund.
Modra joins a portfolio of ABGF investments that also includes industrial laundry firm Consolidated Linen Service, specialty pipe and fitting manufacturer Derwent Industries, and UV-protective clothing innovator Solbari.
Safe Ag Systems: $2.5 million
The AgFood Fund has committed $2.5 million over the next 12 months to Safe Ag Systems.
The safety management software start-up was founded by Katy Landt as a solopreneur and has since grown to a team of 18.
Safe Ag Now has almost 10,000 users on its safety and workflow app that improves productivity while working with agriculture equipment, chemicals and water handling.
In 2024 it made $2 million in revenue and will generate cashflow from 2025.
“Safe Ag was an ideal investment due to its sustainably scalable model. Firstly, the critical proactive recording and improvement of farmers’ safety with partners such as insurance companies. Secondly, the efficient allocation of people, machinery, and inputs for operations,” an AgFood Fund spokesperson said.
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