Rent.com.au, a company listed on the ASX, has successfully completed a capital raise of $1.5 million. The placement, managed by Lazarus Corporate Finance, involved the issuance of over 33 million new fully paid ordinary shares at 4.5c per share, which is 22% lower than the current share price of 5.8c. The funding was raised from a combination of existing and new investors, and will be used to market and launch RentPay, the company’s flagship “tenancy period” product.
RentPay is a payment platform that allows tenants to make and track payments, view rental history, and set up reminders. Greg Bader, Rent.com.au’s CEO, expressed his satisfaction with how smoothly the placement was carried out and looks forward to updating both existing and new shareholders on the progress of this next phase of the company’s growth via RentPay.