NAB Ventures backs $4.6m round for Australia's ActivePipe
NAB Ventures, a unit of National Australia Bank (NAB), has invested A$5.9 million ($4.6 million) in ActivePipe, a Melbourne-based software supplier for the real estate industry.
The Series A round also included participation from Australian real estate industry focused firm PieLab Venture Partners and additional unspecified investors. It follows a A$1.8 million pre-Series A last year. The company, which is active across Australasia and the UK, will use the capital to expand its reach globally.
“Buying and selling real estate is a people business where technology can dramatically enhance the customer experience,” Ashley Farrugia, CEO of ActivePipe, said in a statement. “ActivePipe is as relevant in the US and UK as it is in Australia where our users enjoy stellar ROI on their investment in our platform.”
Founded in 2014, ActivePipe operates an automated communication and predictive analytics platform that serves more than 1,150 real estate offices by helping agencies and brokers facilitate property transactions. The technology uses behavioral and interactive algorithms to help identify which clients are ready to buy and sell.
NAB launched its VC program in 2015 with a A$50 million fund targeting technology start-ups both in Australia and offshore, with a focus on customer-centric products and applications. Notable activity includes participation in a A$10.5 million round for transactions security specialist Data Republic alongside Westpac and Qantas.
PieLab manages a A$20 million fund focused on essential products and services related to Australian real estate agencies. It aims to invest between A$50,000-A$400,000 and targets an IRR of 25%.
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