JLL Spark leads Re-Leased’s $15m funding round
Backing from JLL’s venture capital arm will fuel the commercial real estate management startup’s expansion across the US, Asia Pacific and the UK.
Used in more than 50,000 properties worldwide, Re-Leased is a cloud-based platform that allows real estate companies to manage lease events, arrears, document storage, building maintenance, reporting and other processes.
With a “strong focus” on automation, Re-Leased said it cuts customers’ administration overheads by up to 75%.
JLL Spark backed the startup in a $15m funding round, citing its belief in the product’s ability to re-shape how building portfolios are managed.
The investment will be used to drive Re-Leased’s growth in its key markets, expand its core software platform and launch new products around payments, insurance, data and ESG.
Additionally, the partnership between JLL Spark and Re-Leased will provide the startup with ongoing support from the investor’s experts and give it access to JLL’s global networks.
Kitty Sullivan, principal at JLL Spark, said: “Re-Leased’s cloud-native software is disrupting the status quo, revolutionising the way its customers run their businesses.
“We are confident in the platform’s potential to push the envelope of digital transformation for the sector and look forward to supporting its global growth.”
Tom Wallace, CEO of Re-Leased, said: “We are thrilled to have JLL Spark behind us as we embark on a new stage of global growth and product innovation.
“At Re-Leased, we believe in the power of technology to shape the future of commercial real estate to drive better outcomes for people, property and the planet, and JLL Spark’s backing is a strong validation of this vision and the platform we’ve built.
“Commercial real estate needs to adapt to remain relevant and thrive in a post-pandemic world. This investment and partnership with JLL Spark will help to cement our place as a global leader in this technological shift.”