CEO and co-founder of Realty Mogul, Jilliene Helman, said that her goal was to “bring the $11 trillion commercial real estate market into the 21st century.”
Thanks to Canaan Partners, the real estate crowdfunding startup now has $9 million more to help make that happen.
Calling her innovation “democratization of deal flow”, Helman’s company saw growth of more than 400% in the six months since July, and now has more than 6,000 accredited investors using Realty Mogul’s platform. And this deal with Canaan Partners arguably helps put Realty Mogul in the same conversation with other crowdfunders that have attracted venture capital interest such as CircleUp.
Total capital raised by Realty Mogul now stands at approximately $10 million.
Hrarch Simonian, a principal at Canaan Partners who also sits on the Realty Mogul board of directors, compared what Realty Mogul is doing for real estate investing to what another Finovate alum is doing for retail lending. “Realty Mogul will be the next disruption in a massive asset class just like Lending Club has been for the consumer credit market,” he said.
In addition to recently celebrating the first anniversary of its launch, Realty Mogul announced just a few days ago that crowdfunders using the platform had invested in more than $100 million worth of real estate. In a note to investors, CEO Helman noted this and stressed a commitment to technology going forward, saying the company has budgeted more than $2 million toward developing Realty Mogul’s proprietary technology.
Founded in May 2012 and headquartered in Los Angeles, Realty Mogul made its Finovate debut at the spring show in 2013. See a video of the company on stage here.
And for more information about our upcoming FinovateSpring 2014 event, click here.