Monday, April 15, 2024
HomeReal Estate NewsCommercialProptech company Parcl secures $7.5M in funding

Proptech company Parcl secures $7.5M in funding

Investments in commercial real estate may vary by the quarter, but financial interest in property technology, or proptech, appears to be remaining strong. Blockchain-based real estate platform Parcl recently secured a $7.5 million strategic funding round to boost real estate and partnerships.

Parcl, whose platform lets users invest in a digital square foot of real estate in lucrative neighborhoods, saw venture capital firm Fifth Wall, JAWS, IA Capital and Eberg Capital, Big Brain Holdings and more join the existing companies that have invested in its solution.

The company is a digital real estate protocol built on Solana, a blockchain designed to host decentralized and scalable applications. With the Parcl Protocol, users can invest in and trade specific geographical real estate markets. The platform offers a unique opportunity to those who might not otherwise get to enter this traditionally walled-off asset class. One Parcl is a digital representation of the price per square foot/meter in each real-world geographic area, collateralized by crypto assets.

This latest round of funding will help accelerate Parcl’s growth, as it looks to expand further, including key real estate, data, and software partnerships. IA Capital & Eberg Capital will be critical in helping shape Parcl’s larger data vision.

“As we work towards our goal of providing everyone in the world with the opportunity to invest in real estate, key partnerships across the industry will be critical to our success and that of our users,” said Trevor Bacon, Parcl Co-Founder, and CEO. “We’re thrilled to have the support of leading proptech and data-centric VC firms as we utilize blockchain technology and web3 to reimagine real estate investing.”

“Our investment illustrates our confidence that Parcl’s platform makes real estate investing more accessible to all,” said Dan Wenhold, Partner at Fifth Wall. “We’re thrilled to partner with the Parcl team as they democratize real estate investing.”

Parcl is no stranger to successful financing rounds. The company raised a $4.1 million Series Round near the end of 2021, with investments from more than 10 firms, including leader Archetype. The first round of capital went toward building out Parcl’s team, beta product, and marketing efforts.

“DeFi is fundamentally about offering unstoppable access to financial services and creating markets for everything,” Dragonfly Capital General Partner Tom Schmidt said. “Real estate has historically been far too opaque and inaccessible for people worldwide. I am extremely excited for Parcl to open up this asset class to millions more people in a crypto-native way.”

Parcl launched a testnet (working prototype for a blockchain project) in late March, which generated significant interest during the days it was live, garnering more than 300,000 on-chain transactions. Parcl plans to launch a second testnet on May 23, ahead of its mainnet (fully developed blockchain platform where users can send and receive cryptocurrency transactions) launch late in the second quarter of 2022.

“We’re ecstatic to further Archetype’s partnership with Parcl through this strategic financing,” Ash Egan, Archetype Founder said. “The Parcl team has continued to execute across multiple fronts, and their momentum is accelerating. Notably, they have shown their ability to foster a community obsessed with digital real estate through the HOA while shipping a beautifully designed testnet experience in April. Parcl is creating an entirely new category, and we couldn’t be more excited to be a small part of that.”

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