Synova invests in proptech firm Mallcomm

• Mallcomm has grown by more than 70% in the last three years
• Its platform is used in 19 countries
• Synova will provide further capital for strategic M&A

Synova has invested in Mallcomm, a property technology platform that provides management software to real estate investors, asset managers and operators, the growth investor said on Wednesday.

Mallcomm’s aim is to be the central point of communication between tenants and site operators to manage access, security and sales data collection. The firm has grown by more than 70 percent in the last three years via product development and geographical expansion, with adoption of the platform more than doubling in 2021, according to Synova.

Mallcomm is now used in 19 countries in and counts Unibail-Rodamco-Westfield, the Blackstone Group, ECE Group and Savills among its clients.

CEO David Fuller-Watts founded the company in Bury St Edmunds, England, as a software division within marketing services group Toolbox. Synova’s investment is supporting the management buyout that Fuller-Watts is leading. Synova will provide further capital for strategic M&A.

“Mallcomm is well positioned to build on its robust foundations and impressive client base to become the ‘operating system’ for multi-tenanted real estate,” said Matthew Charman, investment director at Synova and director of Mallcomm.

London-headquartered Synova invests in European companies valued between £20 million ($24 million; €23 million) and £250 million. It announced the first and final close of its fifth-generation fund at a hard cap of £875 million in July. It invests in the software and data, tech-enabled services, financial services and health and education sectors.