Blockchain Real Estate platform Parcl secured $7.5M in Funding

 

Parcl, a New York-based provider of a blockchain-based real estate platform that allows users to invest in the digital square foot of real estate, has now secured $7.5 million in funding.

Parcl is founded by Trevor Bacon. It 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 the neighbors across the globe. It does so by allowing for the creation of synthetic "Parcls".

Trevor Bacon, Parcl Co-Founder, and CEO, said, "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."

Dan Wenhold, Partner at Fifth Wall, said, "Our investment illustrates our confidence that Parcl's platform makes real estate investing more accessible to all. We're thrilled to partner with the Parcl team as they democratize real estate investing."

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

The blockchain powered real estate startup, as of now, has plans to use the new funds to bolster real estate and software partnerships, notes the announcement.