Parcl Raises $7.5M in Funding

Parcl, New YorkA blockchain-based platform for real estate that allows users to invest inA digital square foot of real property inThe most lucrative neighborhoods in the world have raised $7.5M in funding.

Theround was led  Fifth Wall, JAWS, Barry Sternlicht, IA Capital & Eberg Capital, Big Brain Holdings, Santiago SantosParticipation from Archetype, Dragonfly Capital, Shima Capital, Solana Ventures, Not Boring Capital, and FJ Labs.

TheThe company plans to use the funds for software and real estate partnerships.

LedCEO Trevor Bacon, ParclThis is a synthetic asset protocol that is built on and backed up by SolanaThis allows users to make investments inA digital square foot of real property inEverywhere there are neighborhoods. It does so by allowing for the creation of synthetic “Parcls”. ParclsThese are tied to a proprietary index of valuation (Parcl Price Feedor PPF), represents the median price per meter (per square foot) within each real-world neighborhood. ThePPF monitors the underlying price movements for each real estate asset. ParclAn oracle allows for geo-boundary, real-time price changes and real-time geo-boundary updates to flow into the smart contract. InLate March, ParclLaunched a testnet that generated significant interest during the ten days it was online (3/30-4/9) and included over 300,000. On-chain transactions were also a part of the testnet. ItPlans to launch a second testnet May23rd, before its mainnet launch inLate 2Q.



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