Tribe Property Technologies Inc has increased its latest financing to $18.3 million from the previously announced $15 million.
The property technology company is offering units at a price of $4 per unit.
Net proceeds will be used to execute on its acquisition pipeline, and for working capital and general corporate purposes.
READ: Tribe Property announces $15M brokered financing and strategic investment from Round13 Growth Fund
Round13 Growth Fund, a highly respected, late-stage growth equity investment fund and part of the Round13 Capital family of funds, will lead the financing and subscribe for $10 million worth of units, becoming a strategic shareholder.
The fund will have the right to nominate one director to Tribe’s board of directors at its next annual general or special meeting of its shareholders. It will also be allowed to recommend a qualified independent director to the board at the same meeting.
Under the terms of the offering, each unit will consist of one share and one warrant that will entitle the holder to acquire one share in the company at a price of $5.10 for a 36-month period.
Stifel GMP will be the sole bookrunner for the marketed offering and, together with Cormark Securities Inc, will act as co-lead agents and on behalf of a syndicate of agents.
Tribe is a rapidly growing tech-forward property management company with an integrated service-technology delivery model serves the needs of a much wider variety of stakeholders than traditional service providers.
The group manages approximately 40,000 homes made up of more than 100,000 residents. The company's proprietary community management software Tribe Home is integrated into every community with its ability to connect, inform, educate and protect through the digitization and simplification of residential community living.
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