Construction disruptor PT Blink raises $250k on day one of equity crowdfunding offer
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Six hours after launching its equity crowdfunding campaign to the public, property construction disruptor PT Blink had raised $250,000.
PT Blink says its construction system can cut in half the time it takes to build a multi-storey building.
The patent-pending building technology uses pre-fabricated steel columns and trays to speed up production of everything from aircraft hangers to multi-storey residential developments.
The startup is currently contracted to three projects in Queensland and a multi-level residential building in Auckland. The three Queensland projects expect to net $1.4 million in revenue when they reach completion in the next 12 months.
PT Blink says it avoids “construction risk” by generating revenue from licensing its technology to construction players.
Chief executive Murray Ellen told Stockhead he was planning an Initial Public Offering ahead of an ASX listing — but first wanted to generate a community of “like-minded people” to invest via an equity crowdfunding offer.
Mr Ellen is hoping to raise $500,000 to $2 million via the OnMarket platform by issuing shares at 20c to fund research and development, demonstration units and working capital for new projects.
PT Blink has a pre-money valuation of $16 million.
Mr Ellen said disruption has traditionally been difficult in the Australian construction space, where builders and project managers have been content to stick with tried and tested technologies.
“One of the hardest things with innovation in Australia is getting people to change their minds… it’s so difficult in construction to get people to change their mindsets.”
PT Blink markets a system to construct buildings faster
However, he believes the unique properties of the PT Blink approach are proving to be appealing across the construction space.
“We’re now doing four projects, real and live … and we have about 18 buildings on the list,” he said.
In a video to potential investors, Ellen said PT Blink’s aim is to become an “intellectual property company” that owns the patents for the PT Blink technology but licences other construction partners to put into action.
Mr Ellen highlighted that since information about the crowdfunding offer went live, the company has heard from at least nine building projects, inquiring as to how they may involve PT Blink on construction.
The offer opened to the public on Wednesday morning and by 3.30pm, PT Blink had hit half of its minimum raise target, approaching $250,000 in equity pledged.
There’s 30 days left for investors to buy in, up to a maximum of $2 million invested overall.