Crypto real estate purchases may well become commonplace as Parcl continues its impressive progress on Solana.
Funding Round With Prominent VCs
Parcl, the blockchain-based real estate investment platform built on Solana, raised $7.5 million in a strategic funding round with venture capital firms including Fifth Wall, JAWS, IA Capital, Eberg Capital.
The funding round was confirmed via a Parcl press release on May 17 and will help the project expand with key real estate, data, and software partnerships confirmed to be on the horizon. Additionally, the team confirmed that IA Capital and Ebert Capital, in particular, would be key in aiding the platform craft its data vision. Parcl Co-Founder and CEO, Trevor Bacon, offered his thoughts on the exciting news via the press release:
“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. 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.”
The team had previously attracted attention in their $4.1 million Series Seed round, led by Archetype, with participation from Solana Ventures, Coinbase Ventures, and Shima Capital, among others. That initial funding saw the team expand, build a beta product and embark on their marketing endeavors. The latest funding round saw new investors enter the fray, and the initial sentiment from those taking part is indeed a bullish one.
“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.”
Attention has begun to significantly pick up in the platform since it launched a testnet in March, which generated significant interest over the ten days it was live, including over 300,000 on-chain transactions. The funding news comes ahead of Parcl, confirming plans to launch a second testnet on May 23, ahead of its mainnet launch in late Q2, 2022.
Web3Wire will be paying close attention to the manner in which Parcl manages to utilize the latest significant funding.
What is Parcl:
Parcl is a synthetic asset protocol, built on and backed by Solana, on a mission to deliver real estate to everyone. The Parcl protocol 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.
With Parcl’s blockchain-based trading system, users can benefit from broad (or highly granular) exposure to the world’s most desirable real estate markets. In addition, Parcl requires no minimum investment, is highly liquid, and carries low transaction fees, enabling investors to trade their favorite neighborhoods just like they trade Bitcoin, Ethereum, or other crypto assets.
Where to find Parcl:
Source : web3wire.news