Inside Tribe Property Technologies’ acquisitive 2022
The company, its year starting with $21 million in funding, made a trio of purchases.
Tribe CEO Joseph Nakhla (Photo by Kai Jacobson for Vancouver Tech Journal).
A nearly perfect 362 days ago, Tribe Property Technologies received quite a nice influx of cash. The local proptech company announced an oversubscribed $21 million raise on January 14, 2022. Tribe said that it planned to use these new funds to execute some of its hoped-for acquisitions. “This financing allows [us] to pursue further M&A opportunities and continue to build on its national footprint, all while advancing the deployment of our new products and services to the growing condo and rental markets,” Tribe CEO Joseph Nakhla pointed out at the time.It did just that. Among a host of other partnership deals and executive team appointments, Tribe made three purchases last year:
Southview Property Management
When: May 12What: Southview is a Richmond-based rental property management agency.Pricetag: $600,000
Martello Property Services
When: July 12What: Martello is a Vancouver-based strata property management company.Pricetag: up to $720,000
Warrington PCI Management (WPM)
When: November 22What: Vancouver-based WPM manages or leases commercial, residential, and industrial real estate. Pricetag: up to $375,000
The rebar in Tribe’s “foundations for growth”
On paper, three acquisitions in seven months certainly jumps off the page. But it’s a measured growth tactic Nakhla has honed over years of entrepreneurship and has employed in running Tribe: the company’s 2022 haul of purchases brings it up to 10. It certainly seems to be working. Tribe has seen 502 percent growth over the last three years, good for the 44th fastest-growing company in Canada as recognized by Deloitte. Despite the roundness of that current acquisition total, there must be countless more on the horizon.