Tribe Property Technologies, a Vancouver-based property technology company, has raised C$21 million in financing. The investor was Round13 Growth Fund, the late-stage fund of Canadian venture capital firm Round13 Capital. The funds raised will help Tribe execute on its acquisition pipeline and develop new products and services for the condo and rental market.
VANCOUVER, BC, Jan. 14, 2022 /CNW/ – Tribe Property Technologies Inc. (TSXV: TRBE) (OTCQB: TRPTF) (“Tribe” or the “Company”) has closed its previously announced brokered financing pursuant to which the Company raised aggregate gross proceeds of $21 million from the sale of units of the Company (each, a “Unit”) at a price of $4.00 per Unit (the “Offering”). Round13 Growth Fund (“Round13”), a highly respected, late-stage growth equity investment fund, part of the Round13 Capital family of funds, was the lead investor for the financing and subscribed for $10 million worth of Units. The gross proceeds of this Offering included proceeds raised from the full exercise of the option granted to the Agents (as defined below).
“We’re delighted that our private placement was oversubscribed and excited by the support we’ve received from the investment community. This financing is a clear vote of confidence in the milestones Tribe has achieved, and our roadmap for the future,” said Joseph Nakhla, Tribe CEO. “This financing, led by Round13, enables the Company to continue to execute on our acquisition pipeline, while advancing the deployment of our new products and services to the growing condo and rental market.”
“The digitization of the property management industry is long overdue, and we expect Tribe will lead a significant transformation across the industry,” said Sanjiv Samant, Managing Partner of Round13 Capital.
The net proceeds of the Offering will be used for executing on the Company’s acquisition pipeline, working capital and general corporate purposes.
The Offering was led by Stifel GMP as sole bookrunner and together 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 (the “Agents”). Stifel GMP acted as a financial advisor to the Company in connection with the strategic investment by Round13.
Each Unit consists of one common share (each, a “Common Share”) and one common share purchase warrant (“Warrant”) of the Company. Each Warrant shall entitle the holder thereof to acquire one common share in the capital of the Company (each, a “Warrant Share”) at a price of $5.10 per Warrant Share, until January 14, 2025, subject to adjustment in certain events.
All securities issued pursuant to the Offering are subject to a statutory hold period of four months plus a day expiring on May 15, 2022.
In connection with the Offering, the Company paid to the Agents a cash fee of $1,197,000 and issued to the Agents 299,248 compensation warrants (each, a “Broker Warrant”). Each Broker Warrant shall entitle the holder thereof to acquire one common share in the capital of the Company (each, a “Broker Share”) at a price of $5.10 per Broker Share, until January 14, 2025, subject to adjustment in certain events.
In connection with Round13’s participation in the Offering and subject to regulatory and corporate law requirements, Round13 has been provided with certain rights, including: (i) right to nominate one director to the board of the Company at the Company’s next annual general or special meeting of its shareholders; and (ii) right to recommend a qualified independent director to the board of the Company at the Company’s next annual general or special meeting of its shareholders.
About Tribe Property Technologies
Tribe is a property technology Company that is digitizing the traditional property management industry. As a rapidly growing tech-forward property management Company, Tribe’s integrated service-technology delivery model serves the needs of a much wider variety of stakeholders than traditional service providers.
Tribe’s three revenue pillars are made up of software and service (recurring licensing and management fees), transactional (rent or condo fees, banking services, lease-ups) and digital services and partnership (smart building products, financial and insurance service) revenue.
Tribe seeks to acquire highly accretive targets in the fragmented North American property management industry and transform these businesses through streamlining and digitization of operations. Tribe’s platform decreases customer acquisition costs, increases retention, and allows for the addition of value-added products and services through the platform. Visit tribetech.com for more information.
About Round13 Growth Fund
Round13 Growth Fund is a Toronto-based late-stage growth equity fund that supports tech-enabled businesses in Canada. Round13 Growth leverages deep strategic relationships, capital markets expertise and growth equity investment experience to add value to its portfolio companies with a hands-on approach. Round13 Growth is part of the Round13 Capital family of funds. For additional information, visit www.round13.com.