IFM backs Australian property technology player
IFM Investors has committed AUD 50m (USD 32m) to Smart Urban Properties Australia (SUPA), which claims to be the country’s first unified services provider of utilities and communications infrastructure.
SUPA was formed earlier this year by bringing together embedded electricity network provider b.energy, fibre network operator Fiber Corp, security and intercom specialist Epsilon Security, home automation services player Smart Automation Systems, and electrical and telecom systems maintenance service provider ConnecX.
Post-merger, the business operates under three core brands: SUPA Energy, a full-service utility providing sustainable energy and mobility solutions that optimise building performance; SUPA Networks, which delivers internet, voice over internet protocol, and TV services via fibre networks; and SUPA Tech, a provider of building access, security, intercom, and automation solutions.
The goal is to work with developers of multi-occupancy dwellings to converge essential services and property technology categories, thereby improving user experience. SUPA is led by Geoff Horth, previously an executive director at b.energy and a former CEO of fibre network provider Vocus Group.
The company raised AUD 9m in pre-IPO funding in conjunction with the merger. IFM is contributing growth capital that will support the existing project pipeline and facilitate investments intended to increase market share, according to a statement.
“Our investment in SUPA is aligned with IFM’s private equity strategy of investing in companies that we assess as having a proven, resilient business model and an actionable growth agenda, which have the potential to deliver returns to our investors and their beneficiaries, which include millions of working people,” said Jeremy Larkin, an executive director at IFM.
IFM is deploying a AUD 380m growth fund that closed at the end of 2022. The vehicle targets profitable companies with high-growth potential across technology, business services, and healthcare. Selection criteria also include an ability to drive a material reduction in carbon dioxide emissions.
The firm is also raising a long-hold fund that reached a first close of AUD 450m last year against a hard cap of around AUD 800m.
Larkin and Daniela Wegner, an investment director at IFM, will join the SUPA board. Wilsons Advisory served as financial adviser to SUPA on the deal.
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