The days of proptech companies accessing easy money are over, says Jon Stul, co-founder of property maintenance platform Bricks + Agent.
Speaking after Bricks + Agent struck a merger deal with Home Trades Hub Australia – a rival property maintenance platform owned by the Royal Automobile Club of Victoria and insurance giant IAG – Mr Stul said funding had “dried up” for proptechs focused solely on growth rather than becoming profitable.
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Larry Schlesinger writes on real estate, specialising in commercial and residential property. Larry is based in our Melbourne newsroom. Connect with Larry on Twitter. Email Larry at larry.schlesinger@afr.com
