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RealBlocks, a blockchain-powered real estate investment platform, has announced that it has raised $3.1 million in a seed funding round led by Science Inc.
The funding round also saw participation from Morgan Creek Digital, Zelkova Ventures, Ulu Ventures, and Cross Culture Ventures.
Founded in 2017, RealBlocks leverages the Ethereum blockchain for real estate capital markets. It tokenizes shares of private equity funds, allowing real estate sponsors to sell shares to both domestic and international investors, accept digital and fiat currency, and enable peer-to-peer trading via a bulletin board.
"With the support of our strategic investors, we're accelerating development of our product and adoption of blockchain technology for real estate, an industry that previously hasn't seen much innovation," said Perrin Quarshie, Founder and CEO of RealBlocks. "This is a great opportunity to improve the investment experience for both sponsors and investors while also minimizing friction throughout the entirety of the process."
By using RealBlocks, anyone in the world would be able to directly invest, raise capital, and obtain liquidity for investments in real estate.
In its official release, the company said that it provides three key benefits including simpler and more efficient access for investors outside of the US, access to offerings from some of the best private equity funds in the world, and instant liquidity.
Anthony Pompliano, Founder & Partner at Morgan Creek Digital, said that one of the reasons behind this investment was that RealBlocks has a working product and has shown they can execute at a high level.
“One of our core theses at Morgan Creek Digital has been that every stock, bond, currency, and commodity will be tokenized at some point in the future. RealBlocks has developed a solution that is going to help the best players in the real estate industry join the blockchain revolution,” he said.
