Rent.com.au skyrockets on $2m investment from Bevan Slattery

Rent.com.au skyrockets on $2m investment from Bevan Slattery

Serial entrepreneur Bevan Slattery (pictured) has already seen his $2 million investment in listed real estate platform Rent.com.au (ASX: RNT) double in just one day of trade, with shares rising a whopping 190 per cent today.

The positive market sentiment followed news that tech guru Slattery, founder of NEXTDC (ASX: NXT), Megaport (ASX: MP1), Superloop (ASX: SLC) and Pipe Networks, led a $2.75 million investment into Rent.com.au.

Of the $2.75 million, $2 million was invested by Slattery, who said he chose the company because of its scalability.

"I love disruptive platforms that have the ability to scale and Rent.com.au has great potential to achieve that goal," he said.

"I look forward to supporting the board and management team and am excited to be backing another innovative Australian technology platform."

Slattery and other investors bought 55 million new fully paid ordinary shares in the offer at an issue price of $0.05 per share this morning.

This afternoon those same shares are worth $0.12, and ticking higher at the time of writing. The company currently has a market capitalisation of $44.55 million.

Rent.com.au CEO Greg Bader said he welcomes Slattery's investment - a big tick of approval for the growing real estate platform.

"Bevan has a well-earned reputation for innovation and disruption across the technology sector and having Bevan come on board as a major shareholder is fantastic," Bader said.

"I am excited that Bevan shares our vision for the platform and this additional investment will allow us to maximise the potential of our upcoming RentPay launch and provide additional working capital for marketing and product development."

The listed company is currently preparing to launch RentPay a product that the group hopes will give renters more control over how they pay rental payments.

It follows the achievement of a second positive EBITDA quarter from the company's core venture the Rent.com.au portal.

Shares in RNT are up 190 per cent to $0.12 per share at 3.59pm AEDT.

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