Rent.com.au has successfully completed a $5.46 million capital raising so it can build a mass market brand profile.
Among the investors in the dedicated rental property website is Bill Moss, a former head of property at Macquarie Bank. Another is Charles Tarbey, chairman of real estate agency Century 21 Australia. The size of their holdings aren’t known.
Mark Woschnak, RENT’s managing director, says the capital raising reflects the momentum building in the business.
“We received a higher than expected level of take‐up of the rights issue from existing shareholders, which resulted in significant excess demand from the institutional and sophisticated investors who underwrote the offer,” he says.
“With this capital raising we have not only enabled the business to launch its branding campaign as it moves to full commercialisation, but we have also brought strategically important investors onto our share register, who add further significant corporate and industry depth from which the business will benefit.”
Jett Capital Advisors were the lead manager and underwriter of the offer. Somers & Partners acted as brokers.
Rent.com.au, started in 2007 by experienced real estate and new media entrepreneur Mark Woschnak, had 660,000 unique visitors to the website in April.