Openn, a Claremont, Australia-based property technology company offering SaaS solutions for real estate, raised $3.65 million (before costs) via a placement.
The investment was supported by sophisticated and professional investors through the issue of fully paid ordinary shares (new shares) in the company (placement).
The funds will be used to progress the expansion into North America; refine Openn’s product offering with key strategic partners, and continue discussions with strategic investment and M&A opportunities.
Openn’s Managing Director, Peter Gibbons said: “This funding round will allow Openn to convert the successful pilots with key US and Canadian industry stakeholders into meaningful commercial outcomes. The Openn team is progressing relationships with new potential strategic partners whilst preparing to launch a transformational product roll-out collaboration with the Canadian Real Estate Association. “Over the next few months, shareholders can expect the Openn North America business to deliver a pipeline of rewarding news flow which validates the company’s investment in the region. “In the Australia/New Zealand market, we're transitioning to a subscription-based monetisation model while continuing to progress integrations with strategic partners that should set us up for rapid scale growth.”
Company: Openn Negotiation Limited
Funding Month: January 2023
Lead Investors: Undisclosed
Company Website: https://www.openn.com/en-au/
Software Category: Real Estate Sales, Transaction and Contract Software
About the Company: Founded in 2016 in Perth, Western Australia, Openn Negotiation Limited is an Australian property technology company offering a proprietary cloud-based software platform to support real estate agents in selling property online with greater transparency. The Openn platform facilitates a negotiation process, featuring streamlined digital contracting and automated communication tools that enhance a property transaction. The solution provides buyers with real-time feedback through their device on how much competition exists and where their price stands in the negotiation, resulting in an optimal sales outcome. The company’s technology empowers consumers with real-time tracking of the sales process and implements unparalleled visibility to allow for more informed buying and selling decisions.
Source: ASX Announcement