A new online investment platform is about to launch, an app was launched this week, and it received $6 million in new funding.
Seattle specific Allows users to invest in their real estate fund by clicking a few buttons on their app, and the initial investment is only $1.
The launch of the application is the culmination of the CEO’s more than a year of hard work Xie Xian, He previously founded Flowroute, a Seattle-based VoIP communications company, which was sold in 2018.
“After I sold Flowroute, I started to think of ways to diversify my portfolio,” Hsieh told GeekWire earlier. “Private commercial real estate is really interesting to me.”
He co-founded Concreit with the co-founder of Flowroute Jordan Levy with Maximo, Formerly the CTO of blockchain startups LifeID and StormX.
In 2019, Concreit raised nearly $1 million in funding from Unlock Venture Partners, a Seattle company co-led by long-term angel investor Andy Liu.
Hsieh stated that Concreit aims to provide easy real estate investment opportunities for anyone A statement“We are democratizing the real estate investment process,” said Hsieh, who is also a former professional hip-hop dancer and GeekWire geek this week.
The company’s real estate fund has an annualized return of 5.47% from July 1, 2020 to July 1, 2021. It is managed by a group of financial professionals and focuses on passive income-users can receive weekly payments or-request withdrawals.
However, there are other real estate funds that people can obtain with a lower initial investment. For example, Vanguard’s real estate ETF fund is linked to a real estate index and has achieved higher annual returns.
The seed round was led by Jingwei Ventures, Hyphen Capital, and individual investors including Liu of Unlock. Ben Erowitz with Jon Stein, CEO of Betterment, an online investment and savings app company.