Openn North America Expands Services with $5M Funding Round in Australia

IRVINE, Calif.–(BUSINESS WIRE)–Openn North America, a new proptech offer and acceptance solution, today announced that its Australian parent company, Openn Negotiation Limited, (ASX: OPN), has received firm commitments from investors sophisticated and professional to raise $3 million with the remaining funding to be raised by issuing fully paid common stock at $0.15. In addition, $2 million will come from a stock purchase plan at the same price, for a total capital increase of up to $5 million.

“The fundraiser helps ensure the timely delivery of the multiple pilot programs that are being undertaken across Canada and the United States, to ensure Openn is well funded through to live transactions and commercial deployment. in North America,” said Openn MD Peter Gibbons.

Funds raised will provide additional capital for massive expansion across North America. The pipeline of new partner integrations with consumers, brokers and agents is strong. The North American operations team accelerated its expansion into locations requiring innovative purchasing options. In addition, these funds allow the Company to improve its software platform to meet the demands of agents and consumers in North America.

“Openn is poised to meet the needs of realtors and consumers in this environment of tight inventory and rising interest rates,” said Eric Bryant, chief operating officer of Openn NA. “This funding will accelerate the adoption of our fully transparent real estate buying process in North America.”

Openn provides a technology platform that facilitates the real estate negotiation process, with digital offers and communication tools that improve real estate transactions. Openn lets agents manage buyers, accept offers, and digitally complete the sale at their fingertips. The technology allows consumers to follow the sales process in real time and implements unparalleled visibility to enable more informed buying and selling decisions.

About Openn North America

Openn North America Inc. is a real estate technology company that offers a proprietary, cloud-based software platform to help realtors sell real estate online with greater transparency. The Openn platform facilitates the negotiation process, with streamlined digital contracts and automated communication tools, which improves a real estate transaction. The solution provides buyers with real-time information via their device on the existing level of competition and the position of their price in the negotiation.

About Openn

Openn Negotiation Limited (ASX:OPN) is an Australian property technology company that offers a proprietary cloud-based software platform to help estate agents sell property online with greater transparency.

The Openn platform facilitates a negotiation process, with streamlined digital contracts and automated communication tools, which enhances a real estate transaction. The solution provides buyers with real-time information via their device on the existing level of competition and the position of their price in the negotiation, which results in an optimal sales result.

Forward-looking information

This announcement contains forward-looking information based on Openn’s expectations, estimates and projections as of the date the statements were made. Such forward-looking information includes, among other things, statements regarding business strategy, plans, development, objectives, performance, prospects, growth, cash flows, projections, targets and expectations, negotiations and the development of the Company’s products/services. Generally, such forward-looking information can be identified by the use of terms such as “outlook”, “anticipate”, “project”, “target”, “potential”, “likely”, “believe”, “estimate”, “expect”, “intend”, “may”, “would”, “could”, “should”, “plan”, “will”, “plan”, “plan”, “evolve” and similar expressions. Persons reading this announcement are cautioned that such statements are only predictions and that the actual future results or performance of the Company may differ materially. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause the Company’s actual results, level of activity, performance or achievements to differ materially from those expressed or implied by such forward-looking information.

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