Brickblock, an online real estate investment platform for cryptocurrencies, has collected €5m in its Series A funding round from Finch Capital.
As part of the transaction, Finch Capital partner Radboud Vlaar will join the company’s board of directors.
Brickblock lets consumers to buy, sell and invest into tokenised real estate assets and investment funds on the blockchain through smart contracts. Tokenised assets help to lower fees of transactions, as well as lower geographic restrictions, and risk.
This funding round will support the company’s roadmap which includes tokenising its first real estate asset, create an ecosystem for exchange-traded funds, build a token exchange and integrate a fiat currency payment gateway. Proceeds will also be used to expand across new markets in Europe and South East Asia.
Vlaar said, “The real estate sector is the biggest investable asset class in the world, with a value of $200 trillion USD.”
“We have seen the mortgage and brokerage market being disrupted, and the time is now ripe to disrupt the investment and trading side. Brickblock is well suited to lead this transformation, leveraging the blockchain to reduce costs for investors up to 80% and making it a frictionless and more liquid investment asset class.”
The company is currently in the process of raising an ICO, and is scheduled to end the sale on May 15th. The ICO has raised up to $11m so far and has a hard cap of $50m, according to the company’s website.
Finch’s contribution to the series marks its third deal in the FinTech space this year. The firm, which was formerly known as Orange Growth Capital, recently led the €4m capital injection into trade finance platform for SMEs Supply Finance.
Its other deal of the year was a commitment to the UK-based online mortgage broker Trussle, which bagged £13.6m in its Series B.
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