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An Australian proptech company has been revealed as facing serious challenges and has gone into voluntary administration.
In an Australian Securities & Investments Commission (ASIC) notice published 29 June 2023, it was revealed that administrators from KPMG had been appointed to Different Technologies Pty Ltd., better known as :Different, under section 436A of the Corporations Act 2001.
That section spells out that a company may appoint an administrator/s if the board “thinks it is or will become insolvent.”
It follows an industry play by the property management proptech back in October 2022, when it announced a pivot to offer property management as a service to real estate agencies, earmarked as ‘:Different for Agencies’.
That followed its previous foray in the consumer space.
On its website, :Different had said the new ‘flagship solution’ was “the next step in our evolution”.
“Now, we’re teaming up with Australia’s best real estate agencies to help them deliver better service, minus the headaches and hassle of doing it all on their own.”
The appointment of administrators also comes less than two years after the business raised $25 million in a successful series B fundraising and partnered with big four bank, Commonwealth Bank of Australia.
At the time, :Different had reported that the funds would be used to expand nationally, while continuing to build out both its property management team and its technological capabilities.
The start-up first burst onto the scene back in 2017 after the company was first registered back in 2016, offering rental payment guarantees to landlords.
More to come.
ABOUT THE AUTHOR
Grace Ormsby
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.
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