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Concreit levels up its offering with its new funds

Concreit, a firm that aims to make property market investing more accessible to a broader audience, raised $6 million on 16th September.

concreit-app-visual

The company acquired the funds in a seed financing headed by Matrix Partners. Additionally, individual backers like Betterment creator Jon Stein, and Andy Liu, an associate at Unlock Venture, participated in the round. Hyphen Capital's financier and consultant Ben Elowitz was also present. 

Concreit acquired the funds at a post-money worth of 22.5 million dollars. 

The Seattle-based company also unveiled its mobile application, claiming that it allows "anyone" to participate in the worldwide commercial real estate sector for as just as $1.

concreit Co-founders Jordan Levy and Sean Hsieh / Concreit

Sean Hsieh & Jordan Levy established the firm. Earlier, the duo created and debugged the VoIP communications system Flowroute, which they sold to West Corp. three years before.

Following the sale of that business, Hsieh and Levy decided to establish a corporation that could assist ordinary people in becoming much more stable financially. As a result, the two collaborated to create a mobile-first product that would allow small players to profit from the housing market with no hassle of fixing it up at 2 a.m. on a Saturday. 

Hsieh said he recognized the chance to make an excellent APR via commercial real estate investing while obtaining less linkage with standard public equities or bonds exchanges following selling Flowroute. However, they were only available to the wealthy or needed long-term capital investments. He further explained that most of their rivals are concentrated on advertising and sales stocks. Still, they realized that they had to create a memorable experience for its investors to pioneer in this area. Thus, this way, they ended up creating Concreit. 

Concreit provides everyone with exposure to a property portfolio as well as the opportunity to make withdrawals as needed.

concreit-site

Concreit's platform aims to provide a more seamless investment experience. According to the business, most investors may now register a Concreit account and start their initial transaction on their smartphone in moments. 

Consumers can contribute as low as $1 in a fund headed by a group of investing experts via the firm's free smartphone app. Withdrawals can be initiated at any point and issued once approved through the application. Weekly generated payouts, automatic investments, as well as on transfers are all made possible by the platform, which also compounds earned rewards weekly.

Concreit has constructed a cloud-based customized stocks accountancy system that enables the firm to execute fractional computations. Moreover, it brings in many mutual fund procedures, adapting them to the "extremely labor-intensive" commercial stock markets, emphasizing property investment on the platform side. 

Concreit's initial private REIT portfolio is centered on passive income. As per the business, a team of industry veterans manages the investment, which has an annual rate of 5.47 percent. Since being approved by the SEC (a little over a year ago), the business has recruited more than 18,000 users to its network, more than doubling its customer base in August.

Concreit has leveled the competitive landscape for property investment by providing easy access, according to Matrix's Dana Stalder, who united Concreit's panel as a section of the funding. He said from a technological and regulatory basis that it is extremely difficult to duplicate what Concreit has constructed. Presently its estimated revenues are 28 million dollars per year.


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