PropTech platform, Mallcomm, is stepping up its global growth plans following a management buyout (MBO) backed by investment from Synova Capital.
The mobile-first software is designed to support property management teams, improve tenant communication and enhance the customer experience. The platform enables real-time communication and data sharing between all stakeholders, which drives operational efficiencies for building owners, managers, investors, and tenants.
Mallcomm is provided by Toolbox Group, owned by Food for Thought Solutions Ltd. The MBO will see David Fuller-Watts become CEO of Food for Thought Solutions, acquiring the business from former founder and CEO Michelle Buxton. The business will now be entirely focused on delivering the Mallcomm platform.
Fuller-Watts has been part of the Toolbox team since 2007 and was a co-creator of Mallcomm, establishing it as a leading retail property solution across the UK and Europe. In 2018, he moved to the US to set up the Toolbox Group LLC. On returning to the UK, he was appointed managing director of Mallcomm in January 2021.
Through product growth and geographical expansion, the business has achieved a compound annual growth rate (CAGR) of more than 40% over the last three years. Adoption of the platform more than doubled in 2021 with the technology now in use across 650 properties spanning 400 million sq ft globally.
Clients include Unibail-Rodamco-Westfield, Brookfield Properties, and Shopcore Properties in the US, Savills and British Land in the UK, Liberty Two Degrees in South Africa, and ECE Marketplaces in Europe.
Fuller-Watts said: “I am delighted to complete the transaction and start the new journey. Over the last two years, the whole team has done a fantastic job in cementing Mallcomm as a leading PropTech brand, especially in the retail real estate industry.
“With the financial backing and strategic support of Synova, we want to build on this foundation and accelerate our mission to support physical places and build communities. Our aim is to expand into new regions and grow our client base across sectors, including retail, commercial, leisure and residential.
“The Synova investment will enable us to develop the Mallcomm technology even faster. We are developing new features that support our existing customer base and further strengthen the platform’s property management capabilities to enable a broader range of businesses to benefit, particularly owners and managers of smaller shopping centres and retail parks.”
Matthew Charman, an investor at Synova, said: “Mallcomm is well positioned to build on its robust foundations and impressive client base to become the “operating system” for multi-tenanted real estate. We look forward to providing our expertise in scaling software businesses to David and the team alongside further capital to support strategic M&A.”
As part of the MBO structure, US-based Randall McKillop has been promoted to chief revenue officer and Marshall Blommestijn to head of operations. Chris Blaxall, a former CFO for UK tech businesses such as Partnerize and NBS, has been appointed executive chair.
David Fuller-Watts was advised by Cavu Corporate Finance and Weightmans LLP. Michelle Buxton was advised by Lerner Associates. Synova was advised by Alantra.
