Lex, a NYC-based commercial real estate securities marketplace for retail investors, raised $4M in seed financing.
The round was co-led by Greycroft and Thor Equities.
Founded by two brothers, Drew and Dean Sterrett, who serve as CEO and Head of Product, respectively, and Jesse Daugherty, a former Google engineer, Lex provides a real estate investment platform which will allow Americans to buy and sell shares of individual commercial properties, giving retail investors the flexibility to create customized income-producing real estate portfolios, and allowing property owners to unlock equity while retaining operational control of their properties.
Lex will enable retail investors to directly invest in individual commercial real estate properties. The shares offered on the platform will be issued under Regulation A, allowing purchases by non-accredited retail investors. The shares offered will be publicly traded partnership interests, allowing the full tax benefits of direct real estate ownership to pass through to investors.
The platform will provide users with tools to research and compare properties, and securities will be priced initially at $100 when offered, making it easy for investors to build customized income-producing portfolios.