Parvis Invest announced that it has raised $2.6 million to launch a blockchain-based platform designed to modernize the investing process and unlock real estate opportunities.
The Vancouver-based fintech startup raised the capital in a seed round led by Gravitas Securities.
“Access to institutional real estate investment has long been an opportunity reserved for an elite few, and the industry is ripe for technological disruption,” said David Michaud, one of the founders of Parvis.
He added that the seed funding marks an “exciting milestone” for Parvis because it “signals the incredible appetite from the investor community in our vision of opening up access to real estate investing.”
Michaud cofounded Parvis Invest alongside Drew Green, Conan Graham, and Jas Bagry in 2019.
Enabled by blockchain technology, the BC company “makes finding, tracking, and maximizing investments an experience that is both frictionless and empowering,” according to a statement from the startup.
“Investors are increasingly looking to find refuge from inflationary pressures in the economy in solid real estate investment opportunities that combine liquidity and diversification,” said Green, who you may know from Indochino. “These are fast-changing times in prop-tech, and with Parvis, we are on the leading edge of the transformation.”
Like Addy Invest, Parvis claims to out-compete REITs with a superior and more custom selection of properties, as well as lower investing fees. However, Parvis intends to target accredited investors rather than the layman, as well as leverage blockchain technology.
“We are poised for success as we roll out our blockchain-enabled platform that broadens access to quality real estate investment … with the opportunity for enhanced liquidity not typical of this investment class,” added Michaud.
According to Michaud, the $2.6 million will go toward investing in the technology necessary to build both a platform and marketplace for accredited investors “that will allow the industry to evolve in exciting ways.”
“The timing of our launch is perfect,” believes Green.
Leave a Reply