WealthPark Raises $8.5M for Property Management Software
Japanese startup WealthPark has raised $8.5 million to further develop its property management software and expand into wealth management, Commercial Observer has learned.
The startup wants to put more investment tools in the hands of property managers to help them leverage their position relative to landlords, WealthPark CFO Jumpei Shirasaki said.
“Currently, property management spends so much time on operations, they can’t focus on the ‘alpha’ for investors,” Shirasaki said. But WealthPark’s software can help property managers offer their clients, the landlords, information on when to refinance, reposition or renovate a property.
Participating investors include SBI Investment, Mizuho Capital, Aozora Bank, and Japan Finance Corporation. The funding round will bring Wealthpark’s total funding to $17.5 million.
Tokyo-based WealthPark will use the funds to expand its reach within the United States and the United Kingdom.
WealthPark is targeted at property management firms with small to midsize portfolios rather than institutional level managers. The focus on property managers sets them apart from many real estate software companies, which target either asset owners or the tenant-side of property management, the company said
“A lot of apps focus on the relationship between property managers and tenants, our focus is on the relationship between property managers and landlords,” Shirasaki said.
WealthPark now manages $5 billion in assets on their platform, after seeing the volume quadruple in the past year, per WealthPark. It employs 90 people in 13 countries, and has an engineering team of 20 people.