We are excited to announce Movac Growth Fund 6’s investment in Re-Leased.

We first met Tom Wallace more than 10 years ago, when fresh out of university and with commercial property in his DNA, he set about building software that solved the problems he experienced first-hand in the family business. While Re-Leased never took in institutional financial capital before this round, over the proceeding years Tom and Mark Vivian (Movac General Partner) kept in touch and Serge van Dam (Movac Operating Partner) ultimately joined the company as an advisor and then independent director. Fast forward 10+ years and this time the thesis of our recent Growth Fund lined up nicely with what Re-Leased was looking to accomplish during the next stage of its growth journey.

This deal was led by Movac General Partner Jason Graham, who will take up a board advisor seat as part of the investment. We are delighted to partner with Re-Leased, bringing our capital and SaaS experience to support Tom and the company on their growth journey.

 

Tom Wallace, Re-Leased Founder and CEO

 

Who are Re-Leased
Re-Leased is a New Zealand-based SaaS company that has developed a cloud-based property management platform tailored to the Commercial Real Estate (CRE) sector. The platform enables property owners, investors, and managers to streamline operations, including lease management, online payments, tenant communication, accounting and reporting, all within a unified system.
The company has established sales models in the UK, which serves as its primary growth engine, and ANZ, a more mature market. Additionally, Re-Leased is making early strides in the US, which is positioned to be its next major focus.


Why Re-Leased
There are several aspects of Re-Leased make it a particularly compelling investment for Movac’s Growth Fund 6:

  • Tom has spent 10+ years building deep functionality in a sector he knows well. We like this type of Vertical SaaS which becomes a system of record for its users, embedding itself in critical business operations. This is reflected in its low customer churn, which persisted during the recent severe commercial property downturn. We see the company being able to continue to compound this sticky product into a valuable platform over time and being perfectly positioned to leverage its AI feature set into real value for its customers.
  • The company has established and working go-to-market strategies across 3 continents – the UK, ANZ and the US. Successfully selling in both the UK and US markets is rare for New Zealand SaaS and means that 1) further market entry has been derisked, and 2) there is a large addressable market at hand and significant growth headroom ahead.
  • Re-Leased operates predominantly in the Small-Medium Business (SMB) space, managing portfolios with fewer than 500 leases. However, the company is steadily moving upmarket, having secured multiple Mid-market deals last year and winning its first Enterprise sale in June 2024. This demonstrates the product’s capability and further emphasises the scope of the addressable market.
  • Finally, despite the broader market downturn in the commercial property sector over the last few years, the company has successfully reduced its burn rate to near breakeven while simultaneously accelerating growth. This highlights Re-Leased’s improving operational leverage through its ability to manage costs while continuing to drive strong revenue growth.


Proving the Fund 6 Thesis
Re-Leased is the type of company for which the Movac Growth Fund 6 investment thesis was designed to support. The company shows strong momentum, operates in a sizable and growing market, and has developed a significant competitive advantage with its best-in-class property management platform. The management team, led by Tom Wallace, has demonstrated resilience and strategic acumen, positioning Re-Leased as a high-potential candidate for delivering strong fund returns.

This investment is the culmination of the long-standing relationships between our team and the company, particularly Movac General Partner Mark Vivian, Movac Operating Partner Serge van Dam and Tom Wallace, the CEO and Founder of Re-Leased. The company has historically kept funding ‘in-house,’ leveraging support from ‘friends and family’, alongside a strategic investment from JLL. We believe this investment round once again showcases Movac’s market-leading reputation for growing Vertical SaaS from New Zealand.


Thanks to the Re-Leased (and Movac) team
We want to express our appreciation to Tom Wallace, Sam Caulton and the entire Re-Leased team for their collaboration throughout this process. Their professionalism and commitment have made this investment a natural fit and we are excited to work together to unlock Re-Leased’s future growth potential.

We would also like to thank Movac Operating Partner Serge Van Dam for his ongoing support of the company as Board Chair.

Movac is proud to join forces with Re-Leased as it continues to transform commercial property management on a global scale.