Dashflow targets €2m (£1.5m) fundraising for international expansion
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- 17:51, 05 April 2019
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The AI-powered commercial real estate investment appraisal app, Dashflow for CRE, is planning a £1.5 mln (€2 mln) second round of fundraising to support its international roll-out.
Following its launch in the UK a year ago, the app has attracted customers including M&G Real Estate, Orion Capital, Oxford Properties, ADS Real Estate, U+I Group, Addington Capital, Colliers International, Avison Young and Montagu Evans.
The app’s initial seed funding offer was more than 50% oversubscribed and raised £400,000. Its parent company - Intellect Automation International - is now seeking £1.5 mln in respect of around 15% of the company.
Dashflow delivers sophisticated appraisals by responding instantly to changed cashflow parameters of any given property investment scenario. It has been developed by an international coding team led by Michael Molloy - a highly-experienced investment professional who has worked extensively with UK institutional property managers and US opportunity funds on more than £3 bn of transactions.
Molloy said, ‘Dashflow targets the critical appraisal pain-points in every transaction. Its AI-based super-fast performance and simplicity for users means it is on its way to replacing problematic modelling software.
‘Doing in minutes what used to take hours, Dashflow handles the granularity of detail expected by large CRE institutions while offering transparency via a fully functioning Excel export. Sharing is easy including via instant presentations and a myriad of other features are made possible by its iOS platform.’
The new funding will be used primarily to support the roll-out of the app across Europe, the US and Asia-Pacific. It will also enable the app to move to the next level with portfolio functionality, business planning and development, sophisticated debt returns, and full coverage of all categories of CRE assets.
The app costs £125 per month per user for an annual subscription. Intellect Automation International’s executive chairman, Warren Kinston, said, ‘Unlike current software in this space, its value goes beyond the CRE underwriting niche to be an easy-to-handle business tool useful at every stage of a transaction and for everyone involved, from the most junior to the most senior.’
'Its market reach extends beyond brokers and investment managers, to lenders, developers, valuers, advisors, consultants and others. In short, as well as appealing to large firms who want standardisation, consistency and accuracy, it appeals to all firms who currently struggle to get effective modelling done, and dislike the clunkiness, expense and training required for current solutions.'