Proptech start-up raises $2.3 million from major investor

by Roxanne Libatique19 Sep 2019

Proptech start-up Jasper has raised a whopping $2.3 million in seed funding following investment from M7 Real Estate.

The Auckland-based start-up aims to gain further access to commercial real estate opportunities by allowing investors to purchase fractional ownership in its assets.

Mark Campbell, co-founder of Jasper, said the major investment will help accelerate the democratisation of commercial property investment and even ensure their launch this year.

“M7 is an established European business and their support shows that those at the forefront of the industry see a changing property investment environment led by technology,” Campbell said.

Read more: Wellington commercial property is a "compelling" investment

Jasper will use a fully digitised onboarding, accreditation, and subscription process – offering lower minimums, lower fees, improved liquidity, and a secondary market that allows investors to sell their equity to other investors.

Richard Croft, chief executive officer at M7 Real Estate, said they recognised the start-up’s potential impact on the commercial property sector and the value of its technology-led marketplace.

“We’ve seen strong global demand for attractive yields and believe the Jasper platform will provide a significant new opportunity for these investors going forward. We love what the team at Jasper are building and are excited to be joining them on this journey,” Croft said.

Jasper is expected to launch in New Zealand and Australia this year – with a plan to expand to Europe, Asia-Pacific, and the US within the next three years.

Campbell said they will use all funds raised to increase their engineering capacity, grow out of their acquisitions team, and accelerate their licensing applications prior to their launch.

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