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ActivePipe, a Melbourne-based automated communications platform for the real estate industry, has announced that it has successfully completed a $5.9 million Series A funding round.
The initiative was led by NAB Ventures and joined by industry-focused venture fund PieLab Venture Partners and other strategic individual investors.
The round rapidly follows from the successful closing of a $1.8 million pre-Series A round in August 2017.
ActivePipe CEO Ashley Farrugia welcomed the new investors to the company.
“We are delighted to have closed this round so quickly after our pre-Series A round and with the support from new strategic investors,” Mr Farrugia said.
“With our growth in Australia continuing to accelerate, we are now poised and funded to capitalise on the global opportunity for ActivePipe.
“Buying and selling real estate is a people business where technology can dramatically enhance the customer experience. ActivePipe is as relevant in the US and UK as it is in Australia, where our users enjoy stellar ROI on their investment in our platform.”
NAB Ventures managing director Todd Forest said that he is “excited” to invest in Active Pipe at this stage of its journey.
“ActivePipe has developed a proven, value-add tool in the real estate industry in helping agents have more timely and insightful conversations with their customers,” Mr Forest said.
“In ActivePipe, NAB Ventures has invested in an exceptional team that is rapidly innovating and deploying technology that allows better engagement at a really important point in the property buying journey.”
PieLab managing director Chris Rolls said that there is a big future for the technology.
“This ground-breaking piece of technology has gained significant traction in the Australian market in a short period of time and is well poised to do the same in overseas markets,” Mr Rolls said.
“As Australia’s only real estate-specific venture fund, we’re delighted to be bringing not just our capital but our expertise and network to ActivePipe.”
ActivePipe helps real estate agencies and brokers in identifying and converting potential buyers and sellers. It uses data to monitor prospects’ behaviours to predict intent.
It uses behavioural and interactive-based algorithms to remove guesswork and luck from the real estate transaction.
In 2017, ActivePipe was recognised as a winner the Technology Innovation, Marketing Innovation and Software Innovation categories of the Australian Business Awards.
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