Realty Mogul has announced the completion of a successful Series B offering - raising $35 million.
The company completed a $9M Series A in March last year. This latest investment was spearheaded by Sorenson Capital. Robert Rueckert, Sorenson's head of Capital Technology, has joined Realty Mogul's board of directors.
Mr. Rueckert commented:
“We’re seeing online marketplaces massively transforming other industries, and Realty Mogul’s growth path clearly shows they’re poised to be the key disruptor in the huge asset class of real estate investing,”
Realty Mogul say that the investment will allow it to take on more staff and expand its "robust technology platform, which uses Big Data to get smarter about risk profiling in real estate" - improving its ability to analyse deals and risk - as well as upgrading its geographic presence in the US. The company, which has grown from 10 to 80 employees in the last year, has funded 240 properties with a value of $500 million. Jilliene Helman, CEO and co-founder, commented on Realty Mogul's place in the market:
“It’s definitely become more competitive from the sense of people saying they’re in business … But we’re not running into any online competitors. It’s still such a massive market, and I just don’t know anyone who’s gotten the size and scale that we have.”
In recent months, many real estate platforms have secured noteworthy investments. In April, Patch of Land secured $23.6 million in a series A offering, whilst, in June, LendInvest received $22 million. The plethora of investor interest indicates a dynamic alternative sector, set to disrupt traditional real estate in a major way.