Australia-based online trade marketplace hipages Group concluded the sale of its 19.5% shares in PropTech Labs for $8.4 million.

Home Trades Hub Australia, a subsidiary of Royal Automobile Club of Victoria, bought the stake, which purchased a 19.49% stake and AAB atf Sowesu Super Fund, which bought a 0.01% stake.

This divestment will increase the group's end-of-year cash balance to over $20 million. It will also provide hipages with financial flexibility to execute its growth strategy.