Nada, an investment technology platform that links homeowners with investors, has secured additional funding and appointed Tore Steen as the new CEO and president.
Steen, previously a member of Nada’s Board of Directors, will now lead the company’s initiatives to innovate within the real estate wealth sector.
The company announced a successful seed extension round, led by existing investors LiveOak Ventures and 7BC Venture Capital. While specific funding details were not disclosed, this development marks a crucial step in Nada’s efforts to expand its real estate investment solutions.
Nada’s business model allows homeowners to gain immediate liquidity by selling a portion of their future home equity. This equity is pooled into Cityfunds, providing a unique opportunity for both homeowners and investors to engage with real estate investments without incurring additional debt or monthly payments.
The new funds will be used to enhance Nada’s product offerings, including Cityfunds and Homeshares, and to broaden their market reach. This capital injection is expected to strengthen the company’s infrastructure, supporting its scalable investment products.
Since its inception in late 2018, Nada has been focused on unlocking wealth trapped in residential real estate. This latest funding round underscores the confidence of existing investors and sets the stage for further growth under Steen’s leadership.
John Green, co-founder and outgoing CEO of Nada, expressed his optimism about 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 stated.
Before joining Nada, Steen was the co-founder and CEO of CrowdStreet, where he managed to secure over $4 billion in equity investments by 2021. His extensive experience in real estate investment technology is anticipated 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 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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By Proptechbuzz
By Ravi Kumar
