BRICKX receives investment from Reinventure
Fractional property investment firm BRICKX has secured investment from the Westpac-backed venture capital firm Reinventure, in its Series A funding round.
The Fintech, that provides access to residential property by enabling Australians to buy “Bricks” in individual property trusts, is not only tackling housing market accessibility but proving to be popular with those saving for a home deposit.
BRICKX CEO Anthony Millet is proud to have formed this strategic partnership with Reinventure.
“We look forward to working with Reinventure, who are wholeheartedly aligned with the BRICKX vision in providing a product which addresses the growing problem of housing affordability and investment accessibility,” Mr Millet said.
“Over the next 12 months BRICKX plans to expand into every Australian capital city which means we’ll be able to offer our investors, which includes first home savers, general investors and self-managed super fund trustees, continuing diversity and an alternative, accessible way to gain exposure to the property market.”
Founded in 2014, BRICKX launched to retail investors in September 2016 and in the last 14 months has grown to offer 14 properties across Sydney, Melbourne and Adelaide along with more than 7,500 members.
Reinventure Managing Director Danny Gilligan said the fund was attracted to BRICKX because it is reflective of the significant change the real estate industry is undergoing.
“BRICKX represents the first full stack solution to property purchasing, renting and financing in market,” Mr Gilligan said.
“There are multiple challenges in the property financing industry that fractional ownership with improved liquidity options has the potential to solve – from first home ownership to equity release.”
BRICKX works by putting each property into an individual trust and splits each trust into 10,000 units (Bricks). Investors may then earn capital returns and monthly net rental income in proportion to the number of Bricks owned. BRICKX enables members to choose when to invest and when to exit their investments by offering their Bricks for sale on www.brickx.com, making them available for other investors to purchase.
