Parcl Raises $7.5M in Funding

Parcl, a New York-based provider of a blockchain-based real estate platform that allows users to invest in a digital square foot of real estate in the most lucrative neighborhoods around the world, raised $7.5M in funding.

The round was led by  Fifth Wall, JAWS, Barry Sternlicht, IA Capital & Eberg Capital, Big Brain Holdings, and Santiago Santos with participation from Archetype, Dragonfly Capital, Shima Capital, Solana Ventures, Not Boring Capital, and FJ Labs.

The company intends to use the funds to bolster real estate and software partnerships.

Led by CEO Trevor Bacon, Parcl is a synthetic asset protocol, built on and backed by Solana, which allows users to invest in a digital square foot of real estate in neighborhoods worldwide. It does so by allowing for the creation of synthetic “Parcls”. Parcls are tied to a proprietary valuation index (Parcl Price Feed or PPF), representing the median price per square foot/meter within each real-world neighborhood boundary. The PPF continuously tracks the underlying price movements of the real estate assets represented by each Parcl geo-boundary, and real-time price updates flow into the smart contracts via an oracle. In late March, Parcl launched a testnet, which generated significant interest over the ten days it was live (3/30-4/9), including over 300,000 on-chain transactions. It plans to launch a second testnet on May 23rd, ahead of its mainnet launch in late 2Q.

FinSMEs

19/05/2022