Openn Negotiation, a publicly traded property technology firm in Australia, raised $3.65 million to fund its software as a service solutions (SaaS) expansion into North America.
The company offers a proprietary cloud-based software platform for real estate agents. The platform is designed for negotiations and digital contracting, and provides communication tools for transactions.
Openn provides buyers with real-time feedback on the level of competition and their negotiation status. With the new funding, the company says it will look to refine its product offering for the real estate industry to meet the requirements of agents.
“This funding round will allow Openn to convert the successful pilots with key US and Canadian industry stakeholders into meaningful commercial outcomes,” said managing director Peter Gibbons.
The company signed a SaaS subscription agreement with RE/MAX Revolution, the first North American real estate agency to go live with property listings using Openn in October 2022.
“Over the next few months, shareholders can expect the Openn North America business to deliver a pipeline of rewarding news flow which validates the company’s investment in the region.” Gibbons added.
Openn is also planning to launch a pilot product roll-out collaboration with the Canadian Real Estate Association among other Multiple Listing Services, according to Gibbons.