- Australian tech entrepreneur Bevan Slattery leads investment into RENT.com.au
- 55 million shares at $0.05 raises $2.75 million
- On the news, RNT's share price triples in one day
Rent.com.au Limited (ASX:RNT) has announced it has received binding commitments to raise $2,750,000 via the issue of 55 million new fully paid ordinary shares at an issue price of 5 cents per share.
$2 million of the placement has been made to tech entrepreneur Ben Slattery’s Capital Trust.
“I love disruptive platforms that have the ability to scale and Rent.com.au has great potential to achieve that goal,” said Ben Slattery. “I look forward to supporting the board and management team and am excited to be backing another innovative Australian technology platform.”
The company is readying to launch ‘RentPay’, which 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 property portal.
“Bevan has a well-earned reputation for innovation and disruption across the technology sector and having Bevan come on board as a major shareholder is fantastic,” said Rent.com.au CEO, Mr Greg Bader.
“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.”
Slattery is a well-known Australian entrepreneur and tech investor. He was the co-founder of NextDC data centres, as well as Megaport, Biopixel, Superloop and Sub.co.
The placement issue price of 5 cents per share represents a premium of 16% to the last price at which the company’s shares traded (4.3 cents). It is anticipated that the shares will be allotted on Tuesday, 9 February 2021.
On the news, RNT’s share price jumped out to 10c today, closing the day on 13c, a tripling on yesterday’s price. It’s the highest price the stock has been in more than four years.
In 2020, the Financial Review estimated Slattery’s net worth at over $500 million. Looks like it has just surged a little higher.