- Represents the application's first capital raise
- Industry players such as Dave Southern of Charter Hall participated in the raise
- Already 4,5000 active property managers are using the tool monthly
An Australian digital document signing tool that specialises in residential real estate transactions has raised $2.13 million in its first capital raise, with backing from a range of investors in the property, finance and technology sectors.
Founded by real estate professional Andrew Colagiuri four years ago, FLK It Over is designed to make the often arduous signing of real estate documents a more seamless digital experience.
The user-friendly application has had interest from outside the property sector.
Among the investors include property fund manager Charter Hall founder Dave Southern, two Subscription as a Service (SaaS)-focused technology funds from Asia and the United States and C-Suite executives from both Australian and Asian Property Groups.
“This capital raise allows us to accelerate our expansion nationally and prepare for our launch into overseas markets and allows us to continue to be highly responsive to solving pain points in the digital signing world ” said Mr Colagiuri.
“Since its launch four years ago over 500 real estate agencies are actively using FLK It Over, including ASX listed McGrath Estate Agents, translating to 100 percent year on year growth with six figures a month in recurring revenue.”
“Over 4,500 active property managers are logging in every month to use the system with around 13,000 real estate documents a month.”
Mr Colagiuri noted that investors were attracted to the application four years of strong customer validation, along with an exceptionally low churn rate of under 2%.
“Investors were attracted to the four years of strong customer validation and exceptionally low churn rate of below 2 percent.”
Andrew Colagiuri, FLK It Over Founder
“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 every day business, in particular in financial planning that led to C-suite executives from large Australian financial institutions investing in the raise.”
The application operates as a web platform reached by SMS-sent customised link – a move that is designed to save time for valued clients.
Clinton Capital Partners ran the raise, which was several times over subscribed.