Reinventure invests in Brickx after NABO and Openagent investments

Reinventure invests in Brickx after NABO and Openagent investments
Reinventure invests in Brickx after NABO and Openagent investments

Westpac Banking Corp's venture capital fund Reinventure Group has invested in the fractional property ownership platform Brickx.

Reinventure have not disclosed the amount of the fund's investment.

The deal is reportedly the 17th investment by Reinventure Group, which has received $100 million of funding from Westpac. 

Reinventure is also backing other property related startups including openagent.com.au and Nabo, a free social media platform that enables individuals and community organisations to instantly and directly connect online with others in their suburb.

Danny Gilligan, co-founder of Reinventure, says it was attracted to Brickx as the site was looking holistically at the property financing, buying and living experience on one platform. 

Around half of the 7600 investors on the Brickx platform are under the age of 35.

Some three-quarters of them have never had any exposure to residential property.

The platform allows investors to purchase "bricks", or part-ownership rights that allow their owners to access capital gains on the property and receive rental income.

The bricks can be sold on the platform.

Each of the current 14 properties are split into 10,000 bricks. 

Brickx CEO Anthony Millet told Fairfax Media that many investors have been buying "bricks" as an alternative to bank deposit.
 
He said banks were interested in Brickx because it could provide self-managed superannuation funds (SMSFs) with exposure to property without them having to buy an entire property and manage it.

The platform may potentially be used to create an alternative to a reverse mortgage, freeing up home equity for retirees able to bring their existing property onto the platform.

 

Tags: 
Brickx Fractional Ownership

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