Commercial

NZ proptech start-up scores major investor

Auckland-based commercial property disrupter, Jasper, has raised $2.3 million in seed funding following investment from European asset manager M7 Real Estate.

Tuesday, September 17th 2019

The proptech start-up aims to increase access to commercial real estate opportunities by allowing investors to purchase fractional ownership in assets.

Jasper co-founder Mark Campbell says the M7 investment will help to accelerate the democratisation of commercial property investment and ensures the business is on track to 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.”

Jasper will use a fully digitised onboarding, accreditation and subscription process. It will offer lower minimums, lower fees and improved liquidity compared to analogue incumbents.

A secondary market will also be provided. This will give investors the potential to sell their equity to other investors, ensuring liquidity in a traditionally illiquid asset class.

M7 Real Estate CEO Richard Croft says that they recognise the value of Jasper’s technology-led marketplace and the potential impact it will have on the commercial property sector.

“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.”

Along with M7, which has €9.0 billion of assets under management, Icehouse Ventures, James Property Group and RCP participated in the fundraising round.

Campbell says the funds raised are being used to increase their engineering capacity, grow out their acquisitions team and accelerate their licensing applications in multiple territories prior to launch.

Jasper is launching in New Zealand and Australia this year, with expansion planned for Asia- Pacific, Europe and the US within the next three years.

The arrival of Jasper comes at a time of increasing interest in commercial property, which is partly driven by the prospect of higher yields.

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Transforming commercial investment

Comments

On Wednesday, September 18th 2019 11:58 am Winka said:

Is it 'possible' that this move is another reaction to somewhat 'prop-up' the now likely event of a recession (or something more serious than that!?)and an attempt to overshadow the probability of such a worldwide event? In other words a sort self-fulfilling of 'talk-it-up?' I am all for keeping positive, however, only when it is 'logical & sensible,' time will tell? Participants (investors) in such a scheme would surely be covered by a suitable disclaimer, and assurances that bodies such as the FMA are aware of this scheme?

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