Tenantcube Technologies Pvt Ltd, a property management startup, has raised $250,000 in pre-seed funding round from Archana Priyadharshini of PointOne Capital, Ashish Sharma of Innoven Capital, and Rob K. Dawson of Vensuris Group of Companies, the company said in a statement.
Existing investors Girish Mathrubootham of Freshworks and Arvind Parthiban of SuperOps.ai also took part in the round.
The company said funds will be used for further expansion of the sales and service coordination team, to meet current and future demand.
The company said its launch of the beta version of Tenantcube’s property management platform has attracted a large number of landlords and property managers across North America, and the growth of a customer support team is intended to open further opportunities.
Tenantcube said it has raised funds strategically from angel investors in Canada who are landlords and property managers. These investors alone manage around 15,000 units.
“We are thrilled to serve customers who love our product so much that they are willing to invest in the company and grow along with us.” Andrews Moses, CEO, Tenantcube said.
Mihir Jha, managing partner at PointOne Capital said proptech is booming at the moment, as the industry has woken up to the possibilities of technology in residential real estate.
Tenantcube is headquartered in St. Catharines, Canada, and has operations in Chennai.
The proptech segment has seen investor interest and M&A activity recently, Aurum PropTech Ltd (formerly known as Majesco Ltd) acquired a 49% stake in Integrow Asset Management Pvt Ltd for Rs 25 crore.
In November, Lumos Alternate Investment Advisors Pvt Ltd and Gruhas Proptech LLP partnered to raise a Rs 500 crore real estate fund, structured debt, last-mile funding, and opportunist equity in residential projects across major cities.
In June, proptech platform Square Yards raised Rs 185 crore ($25 million) in growth financing from Hong Kong-based ADM Capital.