Cape Town-based venture capital firm HAVAÍC announced on Tuesday it has acquired a 10% equity stake in commercial property platform Instant Property for an undisclosed amount.
As part of the deal, HAVAÍC has an option of an allocation for follow-on funding at Instant Property.
The company said if the option is exercised this will push up its equity stake to 17% in Instant Property.
The Instant Property Rentals platform seeks to reinvigorate the South African property industry by disrupting the market norm and providing a brand new means of service that will become the leading model and gold standard for not only the South African property industry but the world at large.
HAVAÍC’s executive director Grant Rock, formerly at Zenprop and Bowmans, has joined the Instant Property board in a non-executive capacity.
“We are very excited to be partnering with Instant Property who are pioneers in the online commercial real estate sales, rentals and auctioning space,” said Rock.
“In recent years we have seen significant investment in this space both from existing players as well as international investors and believe that the Instant Property
In the local and international context, digital strategies in the commercial property sector have become increasingly relevant, with Instant Property being well placed to deliver innovative technology solutions needed to enhance clients and business performance in SA and the rest of the continent.
The enthusiasm and adoption of our platform from the South African and African real estate sector
“We are fortunate to already service a wide variety of clients including Nasdaq and JSE listed Real Estate entities, to commercial and residential brokerages wanting to enhance their businesses bottom line through technology without the heavy cost and complications of having an in-house technology team.”
Berger further elaborates: “we searched long and hard for a partner in South Africa who understands the Venture Capital sector as well as shared our ambitious vision for Instant Property and the HAVAÍC investment has come at the perfect time as we continue to scale up the business both locally and internationally.”