Vertical SaaS helping commercial property work smarter
Founder – Tom Wallace, a commercial property expert.
We first met Tom Wallace more than a decade ago. Great founders have a way of making the long game worth playing. As Re-Leased reached its next chapter, our Growth Fund 6 thesis aligned naturally with the company's ambition. We were proud to lead the Series A.
The story of Re-Leased
Re-Leased is a NZ-based SaaS company that has developed a cloud-based property management platform tailored to the Commercial Real Estate (CRE) sector. It was founded by Tom Wallace to solve a problem he knew firsthand: commercial property management had become increasingly complex, but the software supporting it had failed to keep pace.
The company had established sales models in the UK, which served as its primary growth engine, and in ANZ, a far more mature market. Additionally, Re-Leased were making early strides in the US, which was positioned to be its next major focus.
The solution
The platform enabled property owners, investors, and managers to streamline operations, including lease management, online payments, tenant communication, accounting and reporting, all within a unified system.
The investment case
There were several aspects of Re-Leased that made it particularly compelling to Movac:
- Tom had spent 10+ years building deep functionality in a sector he knew well, and we knew him well too.
- Vertical SaaS products can embed themselves in critical business operations, as reflected in low customer churn that has persisted during recent severe commercial property downturns.
- The company had established working go-to-market strategies across 3 continents.
- It operated predominantly in the Small-Medium Business (SMB) space, however, was also steadily moving upmarket.
- They’d successfully reduced burn rate to near breakeven while simultaneously accelerating growth.
Final thoughts
I led the deal and took up a Board Advisor seat as part of the investment.
On behalf of the Partners and I, we wanted to express our appreciation to Tom Wallace, Sam Caulton and the entire team for their collaboration throughout this process. Their professionalism and commitment have made this investment a natural fit and we’re excited to continue to work together to unlock Re-Leased’s future growth potential. We’d also like to thank Movac Operating Partner Serge Van Dam for his ongoing support of the company as Board Chair.