Last week, Sydney-based proptech company NurtureCloud announced its partnership with leading Australian real estate agency Ray White, bagging no less than $3 million.
Broadly defined as the digital transformation of the real estate industry, proptech is the latest trend that offers technologically innovative products and model for businesses.
The startup NurtureCloud has received $3 million investment from Ray White and has been brought on to improve the performance of the agency’s technical network.
Founded three years ago by serial internet entrepreneur, Adam Rigby, NurtureCloud had its fair share of an incubation period within the national fixed-fee agency Upside.
This served as a great time and opportunity for the company to trial with data, automation and marketing intelligence to improve vendors, buyer and agent outcomes.
“We wanted to reinvent the way agents worked and how vendors and buyers would experience the selling and buying process,” Adam said.
Adam believes that there is a lot of room for technological improvement in the property sector.
“The real-estate industry has lagged behind many other industries when it comes to technology and advancements in large-scale enterprise-wide sales management and distributed sales teams,” he said.
“Most real-estate specific software is built around the needs of a single local office and misses the mark when it comes to using metrics to improve performance of an individual or team.”
Since NurtureCloud has worked exclusively with Upside to date, the partnership with Ray White is its brand-new venture into the wider market.
After discussions with many parties, NurtureCloud decided to partner up with the agency, as Adam believes that it is “a strong fit culturally” with his business.
Curated for real estate agents’ ways of working and operating, NurtureCloud aims to create more automated means of carrying out tasks in the next 12 months.
While agents will have more time communicating with clients personally, vendors and buyers will have access to a more transparent dashboard that keeps them informed along the way.
“We expect to see strong improvements in productivity, conversion rate across every step of the sales process,” said Ray White Managing Director, Dan White, who is also joining NurtureCloud as Chairman.
However, acquiring faster growth through the utilisation of technology is not industry specific.
With this partnership, NurtureCloud is also looking at a broader market roll-out domestically and globally.
“We are tremendously excited to see the impact of NurtureCloud within Ray White who are already technology leaders in the industry,” Adam said.
“Their input into our product will be of great assistance and a catalyst for expansion within Australia and other international markets.
“We strongly believe that Ray White is the perfect partner to help achieve this vision.”