Tech billionaire Bevan Slattery made headlines last Tuesday when he acquired a $2 million stake in ASX-listed Rent.com.au, purchasing 10% of the proptech startup at a price of 5 cents per share. This move caused a remarkable surge in the company’s share price, which increased by over 200% in a single day.
Slattery entered the investment through Capital Trust, the early stage investment vehicle owned by his family. Since his involvement, Rent.com.au (ASX:RNT) has experienced a phenomenal rise in value, with investors flocking to the company and its share price reaching as high as 35 cents on Monday. The shares closed at $0.285 cents on Tuesday, resulting in Slattery’s stake being worth an impressive $11.4 million.
Just a week ago, Rent.com.au was valued at $20 million. However, thanks to Slattery’s investment, the company’s market capitalization has now soared to $113 million.
Currently, Rent.com.au is in the process of launching RentPay, a platform designed to provide renters with greater control and flexibility over their payments and housing expenses.
This is not the first time that Slattery has demonstrated his Midas touch with small cap tech stocks. In July of last year, he invested $2.5 million in Pointerra, a cloud-based 3D geospatial image venture, resulting in a doubling of its share price.
Expressing his enthusiasm for his latest investment, Slattery stated, “excited to be backing another innovative Australian technology platform”.
“I love disruptive platforms that have the ability to scale and Rent.com.au has great potential to achieve that goal,” he said.
