Bricklet, a fractional property investment platform, secures $3 million in series A funding with support from News and REA Group

Bricklet, a proptech venture, has closed a Series A funding round, with investors including Lakeba, Mirvac Group (ASX: MGR), Stockland (ASX: SGP), Mihubb, and Ironfish. The funds will be used for branding and marketing purposes. Since selling its first “bricklet” in February 2020, the platform has sold more than $15m worth of fractional ownership. Bricklet acts like a share exchange for properties, allowing developers to sell off smaller portions of their assets. Each buyer is registered on the property title and can sell their “bricklet” independently of others. The company charges a 6% fee to cover costs such as stamp duty, legals, and title registration. The platform currently has several apartments and townhouses in Queensland, NSW, Victoria, and the ACT, with bricklets priced between $17,500 and $30,500. The funding will be used to promote the service to all Australians, with the company hoping to become the default platform for owning and selling investment property. The round was joined by REA Group, which has also invested in BNPL platform CampaignAgent and agent platform Realtair.