Patrick Grove-backed Proptech firm Sidespace is seeking AUD $2.5 million ($1.6 million) to disrupt commercial real estate.
Sidespace said in a statement that the firm is seeking the capital infusion from new and existing investors to fund its path towards AUD 12 million ($7.56 million) in annual revenue by 2026.
It said the firm will use the new funding to invest heavily in tech and automation, key industry hires, and marketing, among other priorities.
The company, which has already positioned itself as a leading player in the increasingly relevant flex office sector, plans to further expand its footprint across mainstream commercial real estate where it has already chalked up some sizable office, industrial and retail transactions nationally.
The company is already backed by property portal royalty, including Catcha Group founder Patrick Grove.
Among other ventures, Grove cofounded iProperty Group, which REA Group acquired for AUD 751 million ($473 million).
Besides Grove, other current investors include Gilles Blanchard (who cofounded France’s number-one real estate portal Seloger), Mathew Care (Chief Executive Officer of Digital Classifieds Group) and Chad Stephens (Co-Founder of 1Form and Fillr).
It is noted that Sidespace is working to transform the commercial real estate market through its first-to-market success-fee model and innovative concierge offering.
The company’s proven business model has already enabled over 1,000 transactions
generating more than $2.5 million in revenue.
“There are other commercial real estate portals, however Sidespace is the only one
tied to the transaction. That means landlords and agents are free of risk and only pay a success fee,” said Sidespace Founder and Chief Executive Officer Simon Hanlon.
“Rather than clients deploying up-front advertising spend, we absorb all the risk and clients only pay when a lease or sale is achieved,
“Further, any fees paid are commensurate with any upside, meaning our interests are perfectly aligned,” he added.
Clients already using Sidespace include some of Australia’s largest landlords: Dexus, BlackWall, The GPT Group, Pellicano, The Deague Group and Goodman.
Among those that have used Sidespace to secure commercial premises are Transdev, Yum! Brands, Lendlease, ANZ, John Holland Group, SEKO Logistics and Tata Communications.
Sidespace is a firm seamlessly matches tenants and investors with commercial real estate.
Its mission is to dramatically improve the commercial real estate search experience for tenants and investors – making it faster and easier, at zero cost.
At the same time, the firm is de-risking advertising and delivering highly qualified introductions to landlords and agents on a success fee basis.
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