Axiom Properties (ASX:AXI) has made a ‘strategic’ investment of $1.5 million in ‘fast-growing’ property technology company Reality Assist Australia (RAA).
Axiom, which has a $16.01 million market capitalisation, made the investment via the issue of convertible notes, which will need to be repaid or converted into equity within 6 months. The company says the conversion price attracts a discount to the next capital raising conducted by RAA.
This is the fourth investment undertaken by Axiom in the prop-tech ecosystem, which aligns with the company’s strategy of building out a ‘high-conviction’, active portfolio of ‘market-leading and rapidly scalable’ property technology businesses.
Commenting on the investment, Axiom Properties Chief Executive Officer (CEO) Rob Towey says: “Having worked with Reality Assist for a number of months and seen first-hand the results they are delivering for their customers, we’re incredibly excited to support the business during its next phase of growth.
Sam and the team have done an amazing job winning significant market share in a short space of time and are well-positioned to capitalise on that significant client base with a range of new products and solutions in the coming months.”
Meanwhile, Axiom Managing Director Ben Laurance says: “We are delighted to have the opportunity to invest in such an exciting business and share in the growth of the company as it continues on its journey towards being the premier provider of invoicing and cashflow solutions to the real estate industry.”
“We are delighted to have the opportunity to invest in such an exciting business and share in the growth of the company…”
Reality Assist’s platform allows vendors to defer their campaign costs to the point of settlement, ensuring optimal sales results, while also helping agent partners to secure more listings and manage their cash flow more effectively.
Axiom Properties is a property development and investment company focused on developing and delivering quality property and technology solutions.
As of 30 June 2023, the company had $13.565 million cash at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Axiom Properties