Property-focused fund manager DomaCom has raised funds through an over-subscribed equity placement allowing it to expand and launch new products to the market.
Having partnered with corporate advisory firm Axstra Capital, DomaCom has made the equity placement available to “new and existing professional and sophisticated investors” at a “post-money valuation of $24 million”.
“We were surprised with the level of interest and the speed at which we secured funding from both new and existing investors,” said Axstra Capital spokesperson Reuben Buchanan in a statement.
“The DomaCom solution to property investing is a game changer in so many aspects.”
DomaCom intends to use the funds raised to launch new products including an equity release product for property owners in early 2015, subject to regulatory approval, DomaCom spokesperson Warren Gibson told InvestorDaily.
Many of the investors in the capital raising come from the financial services industry, which demonstrates a “high level of confidence in the company and the investment model”, DomaCom chief executive Arthur Naoumidis said in the statement.
“DomaCom is now in a strong financial position to commercialise the fractional property investment model, bring on new complementary products such as the equity release and to build a substantial team to take these to market,” Mr Naoumidis said.
“The application of our model is almost boundless and we will be discussing its potential with existing property funds, SMSFs and industry funds.”
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