Property group EG Funds’ venture arm backs start-up Avani
Avani Solutions, a technology platform that aims to help commercial property stakeholders optimise costs, has received a top-up investment from Melbourne-based real estate investor EG Funds.
EG Funds’ venture capital arm, dubbed EGX, led a $4.4 million capital raising for Avani, which uses live data from sensors to generate operational insights for commercial property clients like Charter Hall, Brookfield, Curtin University and Hoyts.
EGX first invested in Avani in 2022 and housed it alongside Willow, a high-profile proptech that is backed by ex Macquarie Group boss Nicholas Moore.
Avani claims its tech platform can transform any commercial building into a smart asset, with a lower carbon footprint and lower energy bills. It began life as Intelligent Building Management Systems (IBMS) in 2006, and by 2019 had installed its flagship Revata software to more than 250 buildings across the country. Hoyts was its first client to implement the platform across its entire portfolio, which at the time spanned 49 cinemas.
“At EGX, we are proud to support Avani Solutions in its mission to transform the property sector through technology that simultaneously drives financial savings and environmental outcomes,” EGX boss Adam Geha said. “This investment aligns perfectly with our commitment to backing innovative solutions that deliver lasting positive impact across the industry.”
Accounts filed with ASIC show EG now owns 68.7 per cent of Avani’s ordinary equity.
