“This funding is a clear vote of confidence in the milestones Tribe has reached and our roadmap for the future,” said company CEO Joseph Nakhla.

Tribe Property Technologies Inc announced that it has closed its previously announced negotiated financing with the real estate technology company, generating total gross proceeds of $21 million from the sale of units of the company at a price of $4 per unit. .

The Vancouver-based company, which is digitizing the traditional property management industry, said the funds will be used to run its “acquisition pipeline, working capital and general purposes.”

Round13 Growth Fund, a late-stage growth equity investment fund, part of the Round13 Capital family of funds, was the lead investor in the funding and subscribed for $10 million worth of units.

The total included proceeds from the full exercise of the option granted to the agents, the company said.

READ: Tribe Property announces $15 million brokered financing and strategic investment from Round13 Growth Fund

“We are delighted that our private placement has been oversubscribed and excited by the support we have received from the investment community. This funding is a clear vote of confidence in the milestones Tribe has reached and our roadmap for the future. “said the CEO of Tribe. Joseph Nakhla said in a statement.

“This financing, led by Round13, allows the company to continue executing its acquisition pipeline, while advancing the rollout of our new products and services in the growing condo and rental market.” he added.

Meanwhile, Sanjiv Samant, managing partner at Round13 Capital, noted that the digitalization of the property management industry is “long overdue”.

“We expect Tribe to lead a significant transformation in the industry,” Samant said.

The offering was led by Stifel GMP as sole bookrunner and with Cormark Securities Inc, as co-lead agents and on behalf of a syndicate of agents including Laurentian Bank Securities, Eight Capital and PI Financial Corp. Stifel acted as financial advisor in connection with the strategic investment by Round13.

The company said each unit in the offering consisted of one share and one share purchase warrant. Each warrant entitles its holder to one share at a price of $5.10 per warrant share until January 14, 2025, subject to adjustment in certain circumstances.

All securities issued are subject to a statutory hold period of four months plus one day expiring on May 15, 2022.

In connection with the offer, Tribe paid the agents cash compensation of $1.10 million and issued the agents 299,248 indemnification warrants. Each Broker Warrant entitles its holder to purchase one Common Share at a price of $5.10 per Broker Share, until January 14, 2025, subject to adjustment in certain circumstances.

The company said Round13 was granted certain rights, including the right to appoint a director and a qualified independent director to the board of directors at the next annual general meeting or special meeting.

Tribe operates approximately 40,000 households with over 100,000 residents. The company’s proprietary community management software, Tribe Home, is embedded in every community with its ability to connect, inform, educate and protect through the digitization and simplification of residential community living.

Contact author Uttara Choudhury at [email protected]

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