Realblocks Closes $3.1 Million Seed Round, Morgan Creek Digital among Backers
On January 25, 2019, blockchain-powered real estate tech platform RealBlocks announced the close of their $3.1 million seed round. The funding round was led by Science, Inc. with support from Zelkova Ventures, Cross Culture Ventures, Morgan Creek Capital, and Ulu Ventures.
The Ethereum-Based Real Estate Platform
Ethereum-based RealBlocks basically tokenizes shares of private equity funds. This allows 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.
The founder and CEO of RealBlocks, Perrin Quarshie, indicated optimism about the part the company could play in the future innovation in real-estate. He said:
“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. 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.”
Successful $3.1 Million Seed Round, Prominent Backers
RealBlocks announced on January 25, 2019, that it had procured a $3.1 million through its latest seed funding round. This was led by Science, Inc. and joined by investors including Zelkova Ventures, Morgan Creek Digital, Cross Culture Ventures, and Ulu Ventures
Founder and partner of Morgan Creek Digital, Anthony Pompliano shared his belief about the business model of RealBlocks: “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.”
The co-founder and managing director of Science Inc., Greg Gilman also explained their positive stance about RealBlocks, “We believe that the real estate market, like nearly all asset classes, will be increasingly data-driven and digitized or digitally native. This use of blockchain technology has real-world benefits that perfectly align with our investment model.”
Interestingly, many of these backers have a history of investing in other blockchain initiatives. For instance, Morgan Creek Digital had been a part of the investment round of BlockFi, a startup that offers U.S. dollar loans against crypto collateral. Meanwhile, Science, Inc. has invested in more than 70 other companies, including Dollar Shave Club, DogVacay and HelloSociety.