Parcl, a blockchain-based real estate platform headquartered in New York, has nabbed $7.5 million in strategic funding. The investment will help the company bolster real estate and software partnerships. Prior to this, the company raised $4.1 million seed round that was used to build its team, beta product, and marketing efforts
Stellar list of investors
The financing round saw the participation of new investors, including Fifth Wall, the largest venture capital firm focused on technologies for the global real estate industry, JAWS, the family office of Barry Sternlicht, IA Capital & Eberg Capital, Big Brain Holdings, and new angel Santiago Santos.
Also, existing investor partners made up much of the round, including Archetype, Dragonfly Capital (that invested in Infstones and Everyrealm) Shima Capital, Solana Ventures, Not Boring Capital, and FJ Labs participated in the round.
Eyes growth and expansion
Parcl will use the funding to help accelerate growth as the company sets its sights on further expansion, including key real estate, data, and software partnerships. Notably, IA Capital & Eberg Capital will be critical in helping shape Parcl’s larger data vision.
In March, Parcl launched a testnet, which generated significant interest over the ten days it was live, including over 300,000 on-chain transactions. Parcl plans to launch a second testnet on May 23, ahead of its mainnet launch.
“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.”
“DeFi is fundamentally about offering unstoppable access to financial services and creating markets for everything. 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,” said Tom Schmidt, General Partner at Dragonfly Capital.
“We’re ecstatic to further Archetype’s partnership with Parcl through this strategic financing. 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,” said Ash Egan, Archetype Founder.
What does Parcl do?
Founded by Trevor Bacon, Kellan Grenier and Jason Lewris in 2020, Parcl allows users to invest in a digital square foot of real estate in the most lucrative neighbourhoods around the world.
The digital real estate protocol is built on Solana, a blockchain specifically designed to host decentralised and scalable applications. The Parcl Protocol allows users to invest in and trade-specific geographical real estate markets, enabling directional investment and hedging strategies in this traditionally opaque and walled-off asset class.