US real estate crowdfunding startup RealCrowd nabs $1.6M in seed funding
RealCrowd Inc has secured $1.6 million in its seed funding round, founder Adam Hooper said. The startup wants to incorporate equity crowdfunding to the real estate business, according to The Wall Street Journal (WSJ).
Data Collective, Garry Tan of Y Combinator, Alexis Ohanian of Reddit, Paul Bucheit, and a group of real estate managers invested in the said round, the report detailed.
The San Francisco-based startup allows real estate companies to publish their projects and hold fundraising campaigns on the site. Accredited investors, on the other hand, can browse the site for projects they may want to invest in or properties that they want to purchase. The company earns money through a fee charged to companies for the usage of the website. Investors are not charged anything, the report detailed.
RealCrowd, which is a product of Y Combinator, used AngelList as one of its fundraising methods for its seed round, WSJ reported.