Nada, an investment tech platform that connects homeowners with investors, has secured funding and welcome a new CEO and president, Tore Steen.
Previously a member of Nada’s Board of Directors, Steen is now stepping up to spearhead the company’s ambitious efforts to transform the real estate wealth landscape.
The company announced a successful seed extension round, led by prior investors LiveOak Ventures and 7BC Venture Capital. The funding specifics were not disclosed, but it marks a significant step in Nada’s journey towards expanding its innovative real estate investment solutions.
Nada’s innovative business model offers homeowners immediate liquidity by allowing them to sell a fraction of their home’s future equity. This equity is then pooled into Cityfunds, which offer both homeowners and investors a unique way to engage with real estate investments without the typical burdens of additional debt or monthly payments.
The new funds will be utilised to enhance Nada’s existing product offerings, such as Cityfunds and Homeshares, and to expand their market reach. This injection of capital is expected to bolster the company’s infrastructure, necessary to support its complex and scalable investment products.
Nada has been on a steady trajectory since its inception in late 2018, focused on unlocking the trapped wealth within residential real estate. This latest funding round not only reaffirms the faith of existing investors but also sets the stage for the next phase of growth under Steen’s leadership.
John Green, co-founder and the outgoing CEO of Nada, expressed his enthusiasm for the future. “Since Nada’s founding in late 2018, our mission has been to unlock the trapped wealth within residential real estate. With the success of our Cityfunds and Homeshares products, we are now in the best position to achieve this mission and grow. Tore’s character, proven track record, and unique expertise make him the perfect leader to guide us through this next phase. I am thrilled to announce Tore as Nada’s next CEO and to partner with him on the future of Nada,” Green said.
Prior to joining Nada, Steen was the co-founder and CEO of CrowdStreet, where he successfully managed the platform to secure over $4 billion in equity investments by 2021. His extensive background in real estate investment technology is expected to drive significant advancements in Nada’s offerings.
Krishna Srinivasan, a board member at Nada and founding partner of LiveOak Ventures, also commented on the recent developments. “John and the team at Nada have successfully built out the complex and innovative infrastructure to deliver Cityfunds to retail investors and home equity investments to homeowners, which have already shown impressive traction and growth.
Tore Steen complements this early success, given his background as a strong operator who has previously built at-scale businesses in an incredibly relevant domain. I am excited to work with Tore in his new leadership role and with John to scale the company and build a market leader in the intersection of retail investing and proptech,” Srinivasan stated.
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