Rent.com.au complete $1.5 million capital raise

The ASX-listed Rent.com.au have successfully raised $1.5 million in their recent capital raise.

Shares were issued at 4.5c per share, 22 per cent less than their current 5.8c share price.

Lazarus Corporate Finance was the lead manager of the placement, which saw over 33 million new fully paid ordinary shares.

Rent.com.au advised the funding, raised from both existing and new investors, will help market and launch RentPay, their flagship "tenancy period" product.

Rent.com.au's chief executive Greg Bader said he is pleased with how smoothly the placement was undertaken.

"[We] look forward to updating both existing and new shareholders on progress of this next phase of the company’s growth via RentPay", Bader said.

Rent Pay allows tenants to make and track payments, view rental history and set-up reminders.