Singapore: Pegaxis secures pre-Series A from realty major Savills

As pictured on the company's Google Plus page.

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.”

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.