Openn North America expands services with $5M funding round in Australia

Openn North America, a new offer and acceptance ‘proptech’ solution, announced today its Australian parent company, Openn Negotiation Limited, (ASX:OPN), has received firm commitments from sophisticated and professional investors to raise $3 million with remaining funding to be earned through the issue of fully paid ordinary shares at $0.15. Additionally, $2 million will come from a Share Purchase Plan at the same price, for a total capital raise of up to $5 million.

"The Capital Raising assists in assuring the timely delivery of the multiple pilot programs that are being undertaken across Canada and the United States, to ensure Openn is well funded through to live transactions and commercial roll-out in North America,” said Openn MD Peter Gibbons.

Funds raised will provide additional capital for massive expansion across North America. The pipeline of new partner integrations with consumers, brokers, and agents is robust. The North American operational team has fast-tracked expansion into locations needing innovative purchase options. Additionally, these funds allow the Company to refine its software platform to meet the requirements of agents and consumers in North America.

“Openn is poised to meet the needs of real estate agents and consumers in this tight inventory and rising interest rate environment,” said Eric Bryant, Openn NA Director of Operations. “This funding will accelerate the adoption of our fully-transparent real estate purchase process across North America.”

Openn provides a technology platform that facilitates the real estate negotiation process, featuring digital offers and communication tools that enhance property transactions. Openn allows agents to manage buyers, accept offers and digitally finalize the sale from the palm of their hands. The technology empowers consumers with real-time tracking of the sales process and implements unparalleled visibility to allow for more informed buying and selling decisions.

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