Real estate investment platform BRICKX has received a $9m Series A round from NAB Ventures.
Australia-based BRICKX enables consumers to invest in real estate by buying bricks, which gives fractional investments to properties. This enables users to invest into the sector from hundreds of dollars.
Each month any brick holders receive a share of the net rental income, with all property management and maintenance being handled by the BRICKX platform. The product also provides users with portfolio management tools which help the consumer monitor potential capital returns for the properties.
Founded in 2014, the company currently offers 14 properties across Sydney, Melbourne and Adelaide to over 9,000 members.
BRICKX CEO Anthony Millet said, ?BRICKX is expanding rapidly and this high profile and experienced group of investors will help us in our goal to assist millions of Australians to get their foot onto the property ladder.
?The prohibitive costs and high deposits needed to gain access to the property market, has left many out in the cold. However, BRICKX has opened up the residential property asset class as an alternative investment to any of the traditional investment options. Considering the recent volatility in the cryptocurrency and stock markets, Australians are recognising the longer-term stability of property prices.p>
This investment follows on from Westpac Reinventure undisclosed investment late last year.
Last week, London-based rented property marketplace Vesta held the ?2m first close of its seed round. The company is hoping to close the seed round on ?3m in March.
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