Growth investor Synova is delighted to announce an investment in Mallcomm (the "Company"), a leading PropTech platform providing management software to real estate investors, asset managers and operators. Synova is investing to support the MBO of the Company led by CEO, David Fuller-Watts.
Founded in Bury St Edmunds as a software division within retail-focused marketing services group, Toolbox, Mallcomm was built by David and his team to serve as the central point of communication between tenants and site operators to manage access, security and sales data collection. Over the last three years, through product development and geographical expansion, the Company has grown by over 70 percent with adoption of the platform more than doubling in 2021. Mallcomm is now deployed across 650 properties covering 400 million sq. ft. across 19 countries with operations in the US, UK, and continental Europe. Customers include some of the world’s largest commercial real estate owners and operators including, Unibail-Rodamco-Westfield, The Blackstone Group, ECE Group and Savills.
As part of the transaction, Chris Blaxall, an experienced software industry professional, will join the Board as Executive Chairman to support David and the team. Chris was previously a CFO of Partnerize and NBS, as well as having served as an M&A Partner at Deloitte.
In addition to focusing on organic growth, Synova’s investment will provide further capital for strategic M&A to expand Mallcomm’s capabilities and further penetrate other geographic markets and property sectors.