Australian Community Media (ACM) has invested in business connections service Beevo to help support the development of digital solutions for the commercial real estate sector.
Beevo is a service that connects businesses to essential services, such as energy, internet, and EFTPOS, when they lease or buy a commercial property.
The service, which has former Fairfax CEO Greg Hywood on its board as chairman, also assists existing businesses to review their costs on essential services.
The commercial terms of the investment have not been revealed.
The founders of Beevo, James Nooney, CEO, and Samuel Daish, CCO, took back control of the business with supporting investment from ACM executive chairman Antony Catalano in 2019 after the company exited a joint venture with Domain.
“The deal is a win-win with ACM’s ability to help educate and drive awareness of the Beevo offering to our audience of 6.4 million Australians every month while Beevo’s offering will provide not only a great service but will deliver true cost savings in essential services for many of our business clients,” Catalano says.
“Investment in a company like Beevo deepens our relationships with these businesses as we look to provide assistance beyond the traditional advertising solutions ACM has historically offered.
“The more knowledge we gain on our clients the more we can tailor solutions to help their businesses long term. The team has achieved impressive growth in challenging times for many businesses and we believe Beevo will give us a critical touchpoint in the commercial property market and will also contribute to our ambitions across the broader group.”
The investment in Beevo has been made by IMP, which is Antony Catalano and Alex Waislitz’s real estate digital media investment vehicle which also holds equity in realestateview.com.au and Propic.
It follows a series of additional investments in other prop tech start-ups as the pair look to build an integrated real estate digital media and agent services company which aims to target categories in the $250 billion annual real estate transaction market.
“We’re excited by Antony and Alex’s investment and the strategic opportunity other businesses in the IMP group offer us as we continue our growth,” Daish says.
“The partnership with ACM allows us to market our cost-saving service across their digital and print publications at a time when most businesses are experiencing a rising cost base.
“Additionally, it gives us the ability to continue our investment in building a meaningful technology solution for our commercial agency partners.”
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