The big banks are up to their gills in Australia’s property market, and now they’re also chasing property services plays.
National Australia Bank’s VC arm, NAB Ventures, is understood to have quietly taken a stake in property tech platform developer Archistar, ahead of the group’s expansion in the United States slated for this month.It is understood NAB Ventures cut the cheque earlier this year, joining the Farquhars’ Skip Capital, Skyfield and some private investors in an $11 million funding round.Proceeds were used to build out Archistar’s products for the domestic residential home market.
Archistar is planning to follow its Dallas launch with expansion into Florida, California, North Carolina, Arizona and Virginia in the coming year or so, as it gets across relevant planning codes and restrictions and updates its software. It’s working with a bunch of US property data providers including First American, BCI Build Central and Australia’s Nearmap.
Archistar’s US team is led by Shane Preston, who was formerly at Nearmap and involved in its expansion across the Pacific. co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.