Brisbane-based property tech company, Console Group, has recently raised $7.5 million in Series B funding, almost three decades after introducing its accounting software for property managers to the market in 1992.
In response to the evolving technological landscape, Console’s Chief Executive, Charlie Holland, recognized the need to transition the company’s operations to the cloud. This shift presented an opportunity to enhance the quality of services offered to existing clients and attract new ones.
Console Cloud, the company’s cloud-based platform, automates various property management functions such as funds management and trust accounting. The recent funding injection will primarily support the growth of this segment of the business.
Holland describes Console as a “two-speed business,” with the cloud-based product requiring additional capital to expedite its development and deployment. Relying solely on revenues generated by the original in-house server-based product would significantly prolong the process.
Pipeline Capital, Macquarie Bank, and Macquarie Capital collectively contributed the $7.5 million investment, which will be utilized to accelerate product development and facilitate further expansion.
Holland proudly notes that Console Cloud has achieved remarkable growth, with a year-on-year increase of approximately 250%. He emphasizes the company’s consistent delivery of its promises to investors and customers over the past 11 quarters.
Even amid the COVID-19 pandemic, Console Cloud maintained stability and experienced steady progress. The advantages of operating on a cloud-based infrastructure resonated with both existing and new clients, as it enabled remote accessibility from any location.
Holland’s immediate objective is to onboard an additional 1,000 customers onto the platform within the next year. He emphasizes that the infusion of capital will enable the company to continue its track record of consistent software development.
The $7.5 million Series B funding marks a significant milestone for Console Group, empowering the company to expand its cloud-based property management software and solidify its position in the industry.
A 30-year-old startup?
It is rare to discuss Series B funding rounds for a business that has been operating for nearly three decades. However, Holland, the CEO of Console, considers it a “privilege” to lead a technology company with such a long history, noting that there are not many of them left.
Recently, Holland visited the office of a company that has been using Console’s technology for the past 25 years, a fact that fills him with pride. As the CEO, he believes that Console is not solely focused on hard selling or merely replacing the outdated technology of its existing customers.
Holland explains that Console did not rush into adopting cloud technology. In fact, the company was one of the later entrants in this sector to embrace it. Instead of simply replacing old technology, Console carefully assessed its needs and built something that would revolutionize the way their customers operate for the next decade.
This transition to a more startup-like work environment has positively impacted the company’s culture. The team has become more process-driven and focused on delivering results. There is now more room for development, and employees feel a stronger sense of commitment to the company’s journey.
Holland attributes this change in culture to Console’s long-term customers. Pleasing new customers is one thing, but when you also have loyal, longstanding clients, the stakes are even higher. Taking these clients along on the transformative journey is crucial, and it has resulted in the establishment of a highly professional organization.
The growth in Console’s cloud business is a natural outcome of this ongoing journey. The company is now extremely confident in the efficiencies it has gained and what it can deliver to its customers. According to Holland, the ability to raise capital is also a byproduct of Console’s success.
