Blockchain Real Estate Startup Raises Round To Expand Digitized Property Investments
The capital will go toward staff expansion and marketing, co-founder and CEO Trevor Bacon told Blockworks
Blockworks exclusive art by Axel Rangel
- Led by Archetype, raise investors include Coinbase Ventures, Dragonfly Capital, Solana Ventures and ParaFi
- Parcl has 15 full-time employees but hopes to expand its staff to 25 by the end of the year
Parcl, a startup that digitizes real estate investments via the Solana blockchain, raised a $4.1 million seed round Tuesday, earmarked for marketing and staffing.
The New York-based company has 15 full-time employees but aims to expand its staff to 25 by year-end, co-founder and CEO Trevor Bacon told Blockworks.
“It’s a tough hiring environment, but we’ve managed with our team and vision to have been able to attract some of the best talent,” Bacon said.
Parcl’s mission is to give everyone a chance to invest in real estate, a market which has historically high barriers to entry, but consistent returns.
Parcl’s protocol allows users to invest in a digital square foot of real-live property via its price index, which replicates the price per square foot in various neighborhoods. The platform has transaction fees, but no minimum investment requirement.
“[For example], Tribeca will have a price per square foot of like $2,000, and we’ll call that a ‘parcl,’” he added. “‘A parcl’ is one square foot of any given neighborhood, and the blockchain is what allows you to create those assets and trade them. It’s basically a way to gain exposure to real estate.”
Led by Archetype, raise investors include Coinbase Ventures, Dragonfly Capital, Solana Ventures, ParaFi, Shima Capital, Slow Ventures, Tribe Capital, Not Boring Capital and FJ Labs.
Parcl will launch a testnet, along with the release and sale of a non-fungible token (NFT) collection in the coming weeks. All of the proceeds, Bacon said, will go toward buying someone a house.
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