Tenant experience software company Equiem has captured $12.4 million in its largest equity raise to date.
The developer of “intranets for buildings”, was founded by Lorenz Grollo, Matthew O'Halloran and Stuart Richardson in 2011, and has gone onto work with 10 of Australia’s 11 biggest real estate investment trusts.
The Melbourne-based company's tenant experience platform, dubbed Equiem Next, acts as an intranet for tenants in an office building.
The software assists corporate landlords looking to master a focus on relationships with the occupiers of their buildings and not just the corporate tenants with which they sign lease agreements.
Equiem's platform gives landlords more ability to curate and manage the retail mix of their buildings – an increasingly important offering for Premium and A-grade landlords at a time when tenants are taking shorter leases.
The company’s technology is now used by more than 145,000 people across 5.5 million square metres of prime commercial space worldwide.
The funds raised will be used to further develop the portal provider's technology and help it expand overseas.
In the last two years Equiem has expanded to the US, the UK and Ireland, rolling out across more than 1.97 million square metres in those markets. The firm has identified Canada and Singapore as its next markets for further expansion.
The company's total funds raised to date to $30 million and sets it up for a Series B funding round in the next year.
An unidentified US-based investor provided $7 million along with local institutional investors Perennial Value Management and Regal Funds Management. Existing shareholders include Grollo Group, Salta Capital and Aconex co-founder Leigh Jasper.
“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.”
“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.”