Update for January 6, 2022: Tribe announced an increase to the brokered offering to $18.3 million from $15 million (the original amount announced on January 5, 2022).

Tribe Property Technologies, a Vancouver-based proptech company, is raising $15 million in a brokered deal that will see Toronto-based Round13 Capital infuse $10 million into the business. The financing is being executed through an offering of units being sold at a price of $4.00 per unit (common share). Tribe CFO Jim Defer confirmed that the company intends to secure the remaining $5 million from other parties.

The company also said that it plans to use these new funds to execute on its acquisition pipeline, and for working capital and general corporate purposes. “This financing allows Tribe to pursue further M&A opportunities and continue to build on its national footprint, all while advancing the deployment of our new products and services to the growing condo and rental markets,” explained Tribe CEO Joseph Nakhla in a statement.

Tribe provides a suite of products and services for building and managing residential communities. The company develops solutions to support everyone in a living community — building owners, councils and boards, developers and contractors and tenants. 

The firm makes money in three ways: software and service revenue (paid by real estate investors, developers and condo corporations); transactional revenue (from tenants in their communities paying rent, for example); and through other digital services and partnerships (like selling financial services and other products to people in the communities they manage).

2021 was a year of significant growth for the firm in which it completed and integrated four acquisitions, expanded nationally and secured multiple partnerships. It was this success that caught Round13’s eye and fit with its mandate to invest in growth companies that provide an opportunity for technology enablement.

READ MORE: How Tribe Property Technologies CEO Joseph Nakhla built a foundation for growth

“We are delighted to partner with Tribe’s exceptional management team and help realize Tribe’s vision to digitize the property management industry,” said Sanjiv Samant, managing partner of Round13 Capital. “We are excited to support the acceleration of Tribe’s robust product roadmap of property management technology tools, as well as the company’s plan to bring its products to new markets via M&A.”

“To receive the support of one of Canada’s leading value-added growth funds provides clear validation of our business model,” added Nakhla. “We are pleased to be adding Round13 as a strategic shareholder.”