NAB Ventures invests in BRICKX
Pioneering property firm BRICKX has today announced that NAB Ventures, National Australia Bank’s corporate venture capital arm, has invested in the home-grown startup as part of a $9 million (AUD) Series A funding round.
BRICKX is a revolutionary new and affordable way for Australians to invest in residential property by buying ‘Bricks’ in a BRICKX property. This unique approach, called fractional property investment, means people can invest in quality residential properties for as little as a few hundred dollars.
NAB Ventures – which supports businesses and entrepreneurs in their quest to build leading technology companies – saw the investment potential in democratising property ownership in the Australian market.
The value of BRICKX in providing Aussies with a financial stepping stone to achieve the Australia Dream of home ownership was another driver for investment.
Anthony Millet, BRICKX CEO, said: “Housing affordability continues to be a priority for Australia’s banks, so the alignment between BRICKX and NAB Ventures has a strong and unified purpose. BRICKX is expanding rapidly and this high profile and experienced group of investors will help us in our goal to assist millions of Australians to get their foot onto the property ladder.
“The prohibitive costs and high deposits needed to gain access to the property market, has left many out in the cold. However, BRICKX has opened up the residential property asset class as an alternative investment to any of the traditional investment options.
“Considering the recent volatility in the cryptocurrency and stock markets, Australians are recognising the longer-term stability of property prices.”
Todd Forest, Managing Director of NAB Ventures, said he was excited to invest in BRICKX and help support a new way of approaching property ownership.
Forest said: “The aspiration for property ownership has long been the Australian dream, however buying a property often has challenges for many consumers – such as the rise in house prices in some areas and trying to save for a deposit.
“BRICKX is disrupting this journey, in how it provides consumers with access to the property market and engages with them in creating a pathway to property ownership.
“NAB Ventures has scanned the market globally, to identify a range of companies and business models that attempt to solve for this, particularly as NAB looks to support its customers along the full home ownership journey.
“NAB Ventures chose BRICKX as the leading opportunity, based on its unique business model, exceptional user experience and the opportunity to leverage the platform to innovate and help more Australians with their home ownership goals.”
Founded in 2014, BRICKX launched to retail investors in September 2016 and has grown to offer 14 properties across Sydney, Melbourne and Adelaide along with more than 9,000 members.
The NAB Ventures investment in the ‘Series A’ funding round for BRICKX follows on from Westpac’s Reinventure investment in late 2017. Since the Reinventure investment, the number of BRICKX members has grown by nearly 25%.