Tom Wallace and early team grew the SaaS platform from revenue, then raised VC rounds—including US$15 million in 2022—to fuel international expansion.

Commercial property managers seeking lease, rent, and compliance tools were early adopters of Re-Leased.

Startup Rollercoaster

The Spark

Tom Wallace founded Re-Leased in 2013 in New Zealand after facing frustrations with property management using spreadsheets and outdated systems. It was built to provide commercial property managers with a cloud-based lease and rent administration platform.

The Peak

By 2022, Re-Leased had secured US$15 million in a funding round led by JLL Spark to accelerate global expansion, enhance its platform, and launch new products. The product had integrated with accounting systems like Xero, QuickBooks, Sage, NetSuite among others.

The Drop

Handling feature complexity for commercial leases, multi-jurisdictional legal/compliance differences, and building trust with conservative property industry clients presented obstacles to fast scaling.

The Reset

Re-Leased used funding to build a compliance engine, refined its UI, developed automation tools, and improved onboarding and education for customers.

The Discipline

They focused on customer success with property managers, invested in integrations with financial software, cloud infrastructure, and added AI-powered tools (like their Credia product) to enhance productivity.

The Climb

By 2024, Re-Leased raised US$12.5 million led by Movac to further boost AI, and had over 1,400 customers, managing 350,000 tenants and handling a rent roll of about US$7.5 billion. They expanded strongly in the UK and US markets, establishing themselves as a leader in commercial real estate software.

Read more

• https://www.re-leased.com/blog/jll-spark-leads-re-leaseds-15m-funding-round
• https://www.rnz.co.nz/news/business/466090/jll-invests-in-nz-s-re-leased-cloud-based-commercial-property-software

New Zealand Start-a-Startup Wiki