Australian proptech startup, :Different, has secured $7.1 million in a Series A funding round led by PieLAB, a leading proptech VC in Australia. The funding round also saw participation from AirTree, Spring Capital, and Tim Roberts’ Warburton Group. The startup plans to use the funding to grow its team, invest in its technology, and expand to new cities such as Perth and Canberra.
Since launching its full-service property management offering in 2017, :Different has expanded rapidly and now has a presence in Sydney, Melbourne, Brisbane, and the Gold Coast. With over $1 billion worth of properties under its management, the startup has a team of 50 professionals.
:Different was founded by Mina Radhakrishnan and Ruwin Perera, who have previously worked at companies like Uber and Google in Silicon Valley. The startup aims to offer a better experience for property owners and renters by combining expert property managers with technology that automates everyday repetitive tasks for a seamless experience at a flat fee of $100 per month.
According to Mina Radhakrishnan, co-founder of :Different, a home is the most valuable asset for most Australians. Whether you own or rent, it’s a place of refuge. She believes that addressing the common challenges faced by property owners and renters can only be achieved by caring individuals and streamlined technology.
The co-founder believes that property owners deserve a fairly priced service that is representative of the work that is done, and renters shouldn’t have to wait for weeks to have their issues addressed. The mission of :Different is to tackle these issues head-on by providing a fair and transparent service to be the ultimate assistant to the home.
Raising $7.1M during the COVID-19 pandemic is testament to the strength of the team and the viability of the business model, according to Ruwin Perera, co-founder of :Different. He also believes that there is a broader need for a better property management solution for owners and tenants in Australia.
Perera is grateful for the support of some of the best talent and venture capitalists in the country. The team has received funds from AirTree and PieLAB, who have been instrumental in their growth. They have not only provided financial support but also strategic counsel, partner introductions, and bigger picture insights that are critical for their long-term success. Spring Capital and Warburton Group are strong additions to this mix, and they will help :Different as they enter the next phase of growth.
The investors of Different expressed their thoughts on the partnership and attributed their support for the company to the exceptional capabilities of its team and their efficient strategy in tackling a complicated problem.
Richard Anderson, who serves as Investment Director at PieLAB Venture Partners, has expressed excitement about being a part of the Series A investor group supporting :Different. Anderson has been able to witness the significant progress made by the company’s co-founders, Mina and Ruwin, in creating a strong team of professionals, coupled with a cutting-edge, proprietary, fully integrated technology platform that brings together all the stakeholders in the property management ecosystem. Anderson believes that :Different has the potential to become “the assistant for the home,” and PieLAB is eager to help support that vision.
Craig Blair, Co-founder and Managing Partner at AirTree, has been partnering with :Different since the pre-seed stage. Blair has watched the company’s founders transform their bold vision into a world-class technology solution that powers property management for thousands of Australian households. Blair is thrilled that this new round of funding validates the quality of the team and product and is excited to continue supporting :Different in shaping the future of property management.
Darren Weaver, CEO at Warburton Group, sees significant potential for :Different to disrupt the property management sector in Australia and beyond. Weaver believes that the company’s uniquely integrated product platform, focused on delivering a better customer experience at a lower cost, presents a significant opportunity for growth. Weaver is delighted to be a part of this great business and looks forward to working with the :Different team as they build scale in the market and redefine property management.
Michael Chen, Founder and Executive Director at Spring Capital, was impressed with :Different’s approach to solving the low efficiency and high cost paradigm caused by the fragmented local agency model, which has been in existence for decades. Chen was encouraged by :Different’s unique solution, which led to his decision to invest in the company.
