B2B e-procurement property management services platform Pegaxis has closed a pre-series A funding round from global real estate services major Savills in a deal that valued the firm at $1.5 million (S$2.12 million), the company announced.
According to Savills Singapore, it has purchased a further 8 per cent stake in Pegaxis, taking its holding to 15 per cent. Pegaxis offers an online marketplace connecting property managers to various service providers (e.g. maintenance workers) and online tools for tracking procurement needs and activity.
Aimed at providing property managers an efficient solution that streamline how they source their services and products, it also enables them to track their work flows and associated processes. It is not segment-specific and can be used for residential and commercial properties.
Ted Poh, co-founder and CEO of Pegaxis, said, “We have had a very exciting few months after participating in the DBS HotSpot Pre-Accelerator Programme and now this strategic investment from Savills, a significant market player, will allow us to accelerate our marketing both locally and in the Asia Pacific region. It has been great working with Chris and his team of industry specialists.”
Incepted February 2016, the venture has reported completing contracts worth $3.9 million and claims that it now has over 260 properties on its platform, according to statements by Poh to Tech in Asia.
Poh notes that Savills is both a strategic investor and a reference customer, with the investment likely to drive further business growth and functioning as a customer pipeline. This latest capital infusion from Savills will finance talent acquisition to expand its team and further development of its product, with a priority on hiring software developers and UI/UX designers.
With broad industry support, Pegaxis currently services 260 residential properties through 8 management companies. The Savills portfolio, one of the largest in Singapore, will increase the venture’s portfolio by over 50 per cent, to a total of close to 25 per cent of Singapore’s private residential market.
Commenting on the investment, Christopher J. Marriott, CEO of Savills South East Asia said, “Savills investment into Pegaxis is in line with our focus on the digital transformation of many of the property management industry’s internal processes.”