:Different brings in administrators

Property management fintech :Different, a proptech company backed by AirTree Ventures and CBA venture scaler x15, has entered into voluntary administration, appointing KPMG as administrators.

Founded by ex-Silicon Valley executives Mina Radhakrishnan and Ruwin Perera in 2017, :Different bills itself as a “property management disruptor” that provides management services (such as streamlining the process to report, quote, and manage maintenance requests) via an app for property investors/owners and links them to a team of property partners.

KPMG confirmed to our sister brand REB that Amanda Coneyworth and James Stewart had now been appointed as voluntary administrators, adding that the administrators had “commenced an urgent assessment of the business with the intent to commence an orderly sale of :Different’s assets and intellectual property as soon as possible”.

In a memo to staff, the :Different leadership team said it was working closely with KPMG and would be keeping on a team to service all existing customers through the process.

Within the internal note circulated to :Different employees, it was outlined that the voluntary administration “may not come as a surprise” given recent internal discussions.

“We have difficult news to share today,” the note read.

“While we’ve accomplished so much together, we still require additional funding to complete building and scaling our platform. To support these growth efforts, we’ve been working to raise funds and we have not been able to secure enough to continue operating the business as it’s currently being run for any significant period of time,” highlighting the difficulty scale-ups have been having in raising capital in the current environment.

As such, the :Different board decided to appoint KPMG as voluntary administrators, who will commence an immediate assessment of the business.

According to the proptech, the move to voluntary administration should not change the service to owners and tenants using the platform’s apps.

The memo to employees noted: “We launched :Different in 2017 to completely rebuild Australia’s property management industry. Our mission was to take care of homes and the people in them, with technology and people working hand in hand. The property sector is so important to the economy and life here, but we believe it can be even better.

“This mission is as vital as it ever was, and that we will work closely with KPMG to give what we have built the best chance of having an ongoing positive impact.

“[This is not the destination that we were hoping to achieve with :Different”, but added that the founders were “inspired to see where [the employees] go and what [they] build next.”

[Related: CBA’s new digital mortgage to be offered direct]