Real estate document-signing platform FLK It Over has secured $2.13 million in its first-ever funding round, with investors including Charter Hall founder David Southon. The capital will be used to expand the platform beyond its home market of New South Wales and potentially compete with larger players.
Launched in 2018 by Andrew Colagiuri as a property management tool enabling tenants to sign leases on their phones, FLK It Over has grown from processing 1,000 leases a month in 2018 to 11,000 presently, making up the majority of its 14,000 monthly transactions. The company is slightly cash-flow positive and plans to use the funds to enhance its marketing efforts in Australia and potentially expand to the UK, Hong Kong, or New Zealand.
The pandemic has pushed property managers to adopt more technology, and as the COVID-19 crisis subsides, many real estate agents and businesses in other sectors are assessing their current systems or searching for more efficient options. FLK It Over raised the funds at a multiple just over seven times its annual recurring revenue, valuing the company at over $10 million.
David Southon, who now leads investor and fund manager Aliro Group, sees potential for FLK It Over’s platform to offer services his other corporate interests could use, such as the NOVUS build-to-rent platform Aliro backed last year. The platform’s ability to expand its sign-on-glass offering to various types of contractual documents also makes it an attractive investment. Southon believes the product could have global reach after being refined in Australia’s highly developed real estate market.
