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Done Deal: Recent fundings secured, contracts inked and deals done and/or did, for the tl;dr crowd

Our regular roundup of recent deals done and/or did, featuring movements at Re-Leased, Mevo, Dunedin's waterfront, and Uber.


Re-Leased, the cloud-based commercial property management platform, has raised NZ$2.3 million from New Zealand and UK investors in its first external capital round to fast track development and attract larger international customers. The platform manages over 35,000 properties worldwide for commercial landlords and managers who see cloud-based technology as a way to significantly reduce the costs of administering their portfolio while also enhancing tenant services.

This is the first time outside investors have been invited to join the start up which has self funded to date. The new shareholders include Gerard Gillespie, co-founder of Ezibuy, as well as Kent Gardner and Paul Kendrick, partners in London-based private equity real estate business Evans Randall Investors.

Founded by Tom Wallace in 2013, Re-Leased now processes over $NZ250 million in rent per month for over 500 companies in over 40 countries. The platform is focussed on servicing commercial landlords and property managers who can generate economies of scale by automating business processes.

The subscription-based platform and Award-winning Xero partner now earns over 70 percent of its revenue overseas where its high growth markets include Australia and the UK. The majority of Re-Leased’s 50 strong headcount including software developers are in Napier and Auckland, while its sales and customer support presence is being increased in key international locations.

Investor Paul Kendrick says, “Kent Gardner and I are excited and proud to invest in Re-Leased. The property industry is paying lip service to new technology and is wide open for disruption. We are convinced that Re-Leased will have a front row seat in that disruption.”

Chief executive officer at Re-Leased Tom Wallace says,  “After decades of stability, commercial property is facing unprecedented disruption from emerging technologies as landlords and property managers adopt new and more efficient ways to manage property-related administration, attract and keep the right tenants and enhance customer service via mobile.”

“Re-Leased is addressing a global market opportunity and we sought out the right investors to help realise our growth ambitions. Our new shareholders bring extensive commercial experience, deep industry knowledge and connections, including in the UK our largest market”.

Major customers in New Zealand include NAI Harcourts, Barfoot & Thompson, APL, and Cameron and Ray White in Australia and Collinson Hall and Commercial Property Partners in the UK.

Re-Leased is part of the NZTE Focus 700 and also received a Callaghan Innovation Growth Grant in 2017 to support its ongoing R&D.

Mevo, Australasia’s first free-floating car-share, has secured a further $300,000 (NZD) investment from New Zealand transport energy company, Z Energy (ZEL), as well as new funding from European Motor Distributors (EMD) and The Wellington Company (TWC).

Z Energy is now a 12.0 percent shareholder, while both EMD (Audi NZ’s parent company) and TWC have become 2.1 per cent shareholders, respectively.

The funding will be used to further fuel Mevo’s growth, as the company continues to expand its team and network. It follows a massive six months for Mevo, which has included a series of strategic hires, doubling its membership, rolling out at Wellington Airport, and launching the first free-floating car-share service in Australasia.

Mevo Chief Executive and Co-founder, Erik Zydervelt, says it’s encouraging to see further investment in the future of New Zealand transport.

“It’s really promising to see established New Zealand companies like European Motor Distributors, The Wellington Company, and Z Energy actively engaging in environmentally responsible, future-focused initiatives. Our investors share a vision for carbon conscious transport systems in New Zealand and have been fantastic partners to help make this a reality.”

Further, EMD Group General Manager Glynn Tulloch, says the company is pleased to contribute to Mevo's growth.

“We support Mevo’s vision for innovative mobility-on-demand and applaud what it has achieved for inner-city transport in just a few short years. Mobility solutions are part of the future, particularly for urban New Zealand. Mevo is bringing that innovation right now and we are confident that it plays an important role in our future.”

Z Energy also recognises the importance of innovation in providing mobility solutions that are better for the planet and better for customers, which has led to its continued support for the homegrown startup. This is the second investment from Z Energy, which more than doubled it’s initial investment of  $250,000 in September 2017.

Z Energy CEO, Mike Bennetts, says Mevo has the potential to change the way New Zealanders think about urban transport.

“Mevo is helping New Zealanders reconsider traditional car ownership and transport. By deepening our investment in Mevo, we hope to enable more Kiwis to jump in the driver’s seat of the future. It also enables Z to explore the future of mobility and learn more about changes in the way our customers are getting from A to Z.”

In 2018, Mevo has focused on achieving product market fit. Following the launch of free-floating in May, the company saw a 100 per cent increase in monthly trips in its vehicles and was named winner of the Emerging Gold category at the Wellington Gold Awards.

The latest investment will play a key role in the continued expansion of Mevo’s infrastructure in Wellington and further afield, as it focuses on scale and rapid growth. The company will continue to add talent to its team, after recently appointing two industry veterans, Sophia Rizos as Head of Growth, and Maryon Wils as Head of Enterprise Sales.

“Maryon and Sophia share Mevo's goal for thoughtful urban mobility and their experience will be fundamental as we build on our recent momentum,” said Zydervelt.

The Otago Daily Times reported yesterday that Dunedin’s waterfront development is set to receive a six-figure sum from the Government’s $3 billion Provincial Growth Fund.

It represents the first contribution on the project from the government and the final amount is set to be announced by Regional Economic Development Minister Shane Jones at 2:30 pm today in Dunedin.  

Further, it was confirmed that it’s 'certainly not' the last contribution from the government, and there is talk that developers are also lining up to support the project.  

Council chief executive Dr Sue Bidrose told the Otago Daily Times that the money would cover the cost of geotechnical and economic feasibility studies, which were needed before larger sums were committed.

Bidrose further told the ODT that the studies were already taking place and have prepared the site for development, taking into account the costs involved for upgrading sea walls, piling, and other requirements.

Uber has announced two new leaders in the Uber New Zealand team, seeing new country managers appointed for Uber and Uber Eats.

The first appointment sees Amanda Gilmore take over the role as general manager of the ridesharing business, after incumbent GM Richard Menzies relocated to Sydney in a new role as NSW State Manager for Uber Eats.

Gilmore held positions in management and consulting agencies in New York before moving to New Zealand to join Uber where she was previously senior operations and logistics manager.

Gilmore says she’s thrilled to be part of the team bringing safe, reliable and affordable transport to New Zealanders at the push of a button.

“I’m looking forward to the challenges involved with enhancing city transport and improving the Uber app for driver partners and riders.”

The next appointment sees Andy Bowie take the lead at the Uber Eats team. Bowie succeeds Emma Foley who has relocated to America working within the Uber Eats Mexico strategy & planning team. Bowie has previously held positions at Uber as senior marketing manager in New Zealand and senior operations manager for South East and North Asia, based in Singapore.

Bowie says, “It’s an exciting time to be involved with Uber Eats in New Zealand. We recently received the ‘Hottest E-Commerce Launch’ at the 2018 Retail Hotlist Awards for innovation in the food delivery sector, which is something we’re extremely proud of,”.

“Since launching in Auckland in March 2017, we’ve partnered with more than 1,000 restaurants across the country. Kiwis have really embraced getting restaurant quality meals delivered at the touch of a button and we look forward to further unlocking the potential of the app in NZ”

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