On 9th of November 2015, five real-estate crowdfunding platforms jointly announced of their interest in acquiring Tycoon Real Estate, which a platform based in California. The Tycoon Real Estate gained its notoriety immediately its former CEO and founder appeared on Shark Tank this year.
The acquisition of Tycoon becomes the first-ever purchase of crowdfunding platform of real estate. The buyers, Patch of Land, American Homeowner Preservation, CrowdFranchise, EquityRoots and Peer Realty failed to disclose the exact financial terms of all-cash transaction.
Jason Fritton, who is the CEO of the Patch of Land said that there was a bigger awareness of the real estate crowdfunding due to Shark Tank episode that featured Tycoon. Jason also pointed out that despite that it did not go well as planned, they still had the opportunity to put things in order regarding regulatory environment allowing crowdfunding and how fruitful firms are leveraging SEC regulations and JOBS Act to crowdfund millions of dollars in real estate industry.
This acquisition provides leaders in crowdfunding industry with a unique opportunity to make a change in the Tycoon portal. The change – according to Peer Realty’s CEO, Jordan Fishfeld – will include transformation of the portal into a platform that is educational and show the whole world why Sharks were on the wrong about the industry. Mandy Calara, who is CEO of CrowdFranchise also showed excitement about the acquisition and highlighted how the Title III’s approval and timing were ideal. He also added that anyone interested in real estate would now be in a position to invest.
The CEO of the American Homeowner Preservation, Jorge Newbery highlighted that there was a powerful community sense in the nascent industry. He also shed light on how the collaboration of the five platforms foretold a bright crowdfunding future.
“There is always an instinctive sense of improvement in making it possible for people to find local investments in real estate, hotels and other franchised ventures,” said Bhavik Dani, EquityRoots.com organizer. Dani was full of joy in joining the other four platforms that share similar goals.
About Majeed Ekbal
Majeed Ekbal is a senior executive in marketing sector. His experience that surpasses 15 years has instilled him with highly professional skills that enable him to spread new business operations.
Mr. Ekbal has also been in a position to fix together several successful approaches to business in addition to bringing together several different teams with an aim of profiting the city. Currently, Ekbal works as a professional in the New Business Development. Visit his website for more news and information.