Australia’s website made for renters, Rent.com.au Limited (ASX:RNT), has received binding commitments to raise $2,750,000 via the issue of 55,000,000 new fully paid ordinary shares at an issue price of $0.05 per Share to sophisticated, professional and other exempt investors.
$2 million of the Placement has been made totechnology entrepreneur Bevan Slattery’s Capital [b] Trust.
Mr Slattery is a well-known Australian technology entrepreneur and has over 20 years’ experience in founding and investing in early stage technology companies including PIPE Networks Limited (formerly ASX:PWK), NEXTDC Limited (ASX:NXT), Superloop Limited (ASX:SLC) and Megaport Limited (ASX:MP1) as well as NEXTDC spin-out, Asia Pacific Data Centre Trust (ASX:AJD).
I love disruptive platforms that have the ability to scale and Rent.com.au has great potential to achieve that goal. I look forward to supporting the Board and management team and am excited to be backing another innovative Australian technology platform,” Mr Slattery stated.
Rent.com.au CEO, Greg Bader said Mr Slattery has a well-earned reputation for innovation and disruption across the technology sector and having him come on board as a major shareholder is a fantastic result.
“I am excited that Bevan shares our vision for the platform and this additional investment will allow us to maximise the potential of our upcoming RentPay launch and provide additional working capital for marketing and product development.”
Mr Bader said the company is readying to launch RentPay, with which it aims to give renters more control and flexibility over their payments and managing their housing expenses. This launch follows the achievement of a second successive positive EBITDA quarter from the Company’s initial venture, the Rent.com.au portal.