The property management payment platform has had a successful fundraising round to coincide with the appointment of one of its co-founders to the chief executive role.
REA Group and Momentum Markets led the funding round, advised by BBB Capital, with the $5.3 million raised to be used to grow Managed App’s sales, marketing and development team.
Approximately 58,000 users are already using the platform, and the company is reportedly looking to double its user base over the next 12 months.
Incoming chief executive Nick Bouris has been with Managed App since its inception, having co-founded the platform alongside Thom Richards.
He said the $5.3 million raised comes “at a crucial time for the business”.
“We now have the partnerships in place to really scale our offering and meaningfully change the entire property management sector for the better,” he said.
Mr Bouris said Managed App is “building an ecosystem of agencies, tenants, owners and trades”.
“The next phase of our growth involves us creating more value for our users by expanding into other real estate adjacent services such as lending, insurance in addition to other unique features targeted at trades,” he highlighted.
REA Group chief customer officer Kul Singh said: “Managed App’s strategy to enhance the work of agencies rather than completely disrupt the sector is an approach we’re very aligned with.
“We are excited to be a part of the Managed App journey, and eager to support the company’s initiatives.”
Director of Momentum Markets, Alex Whitlock, has also weighed in on the “huge demand” for the property payments platform.
“The latest round of funding will ensure that the business can scale up rapidly to meet the needs of the real estate industry.
Calling Managed App “ a unique platform”, Mr Whitlock commented: “It dramatically improves efficiencies through automation while driving new revenue streams and greater profitability for its clients, and that’s why it is the preferred technology for growth agencies.”
Earlier this year, Managed App broke a major milestone: $1 billion in property management transactions.
ABOUT THE AUTHOR
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.