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Sydney-based real estate document-signing tool FLK IT OVER has raised $2.13 million in its first-ever capital funding round as it looks to scale at home and establish a footprint overseas.
The oversubscribed raise saw backing from Charter Hall (ASX: CHC) co-founder Dave Southern, Far East Consortium, two Service-as-a-Software tech funds from the US and Asia, and a C-suite of executives from Australian and Asian property groups.
FLK IT OVER founder and CEO Andrew Colagiuri said the capital injection would help the company accelerate its national expansion and “prepare [a] launch into overseas markets.”
“Our international expansion strategy was further validated by the strong interest we received from offshore money with investment from the US and Hong Kong including Far East Consortium.”
“We are already seeing interest from other industries wanting to adopt FLK IT OVER in everyday business, in particular in financial planning that led to C-suite executives from large Australian financial institutions investing in the raise.”
Operating as a web-based platform, FLK IT OVER allows agents to send prospective tenants a customised link via SMS which enables them to access, review and accept the terms of a lease in a matter of minutes.
Since launching in 2018, more than 500 real estate agencies across NSW, Queensland and Victoria have signed up to use the eSignature tool, including McGrath Estate Agents (ASX: MEA).
FLK IT OVER is able to integrate with property management tools such as PropertyMe, PropertyTree and Managed App. It can also connect to Google Home so that tenants can check when rent is due or access emergency contacts, such as plumbers.
According to Colagiuri, the company’s revenue doubled in the past year and is now accumulating six figures per month.
“Over 4,500 active property managers are logging in every month to use the system with around 13,000 real estate documents a month,” he added.
“Investors were attracted to the four years of strong customer validation and exceptionally low churn rate of below two per cent.
“This capital raise allows us to continue to be highly responsive to solving pain points in the digital signing world."
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