Patrick Grove-backed Proptech firm Sidespace to raise $1.6 M to revolutionize real estate
To revolutionize commercial real estate, Patrick Grove-backed Proptech company Sidespace is raising AUD $2.5 million ($1.6 million).
In a statement, Sidespace stated that the company is looking for new and existing investors to provide additional capital to help it reach its revenue goal of AUD 12 million ($7.56 million) per year by 2026.
It was stated that the business would heavily invest in technology and automation, key industry hires, and marketing, among other priorities, with the help of the new funding.
The business, which has established itself as a major force in the growingly important flex office market, intends to further widen its reach into mainstream commercial real estate, where it has already completed some sizable office, industrial, and retail transactions on a national level.
Property portal royalty, including Patrick Grove, the founder of Catcha Group, have already backed the business.
Grove cofounded iProperty Group, which the REA Group purchased for AUD 751 million ($473 million), among other businesses.
Along with Grove, other current investors include Chad Stephens, co-founder of 1Form and Fillr, Gilles Blanchard, chief executive officer of the Digital Classifieds Group, and Mathew Care, who cofounded Seloger, France’s top real estate portal.
The market for commercial real estate is being changed by Sidespace thanks to its ground-breaking success-fee model and cutting-edge concierge service.
Over 1,000 transactions totaling more than $2.5 million in revenue have already been made possible by the company’s tested business model.
“There are other commercial real estate portals, however, Sidespace is the only one
tied to the transaction. That means landlords and agents are free of risk and only pay a success fee,” said Sidespace Founder and Chief Executive Officer Simon Hanlon.
“Rather than clients deploying up-front advertising spend, we absorb all the risk and clients only pay when a lease or sale is achieved,
“Further, any fees paid are commensurate with any upside, meaning our interests are perfectly aligned,” he added.
Some of Australia’s largest landlords already use Sidespace, including Dexus, BlackWall, The GPT Group, Pellicano, The Deague Group, and Goodman.
Transdev, Yum! Brands, Lendlease, ANZ, John Holland Group, SEKO Logistics, and Tata Communications are a few companies that have used Sidespace to secure commercial properties.
A company called Sidespace expertly connects investors and tenants with commercial real estate.
Its goal is to significantly enhance the commercial real estate search experience for investors and tenants by making it faster, simpler, and cost-free.
In addition, the company delivers highly qualified introductions to landlords and agents on a success fee basis, de-risking advertising at the same time.
