Real Estate Crowdfunding is democratizing access to the CRE asset class for investors, and is helping developers find creative ways to finance deals. In the attached landscape I analyzed 22 crowdfunding platforms and bucketed them into three distinct groups. In my rough estimation, here are a few statistics: • >$7B of capital invested by Accredited Investors into Real Estate deals via these platforms • >20,000 transactions done via these platforms • >$1B of Venture Capital invested into these startups Page 2 of the landscape discusses my commentary and industry trends. Please don’t hesitate to reach out with questions!

1. Real Estate Crowdfunding
Landscape Analysis
By Daniel Fetner (April, 2018)

2. Commentary & Trends
Secondary Market:
• While many P2P Consumer-focused lenders have developed liquid and
active secondary markets (Lending Club, Orchard, Minots), there have
been way fewer attempts in the Real Estate crowdfunding universe.
• CADRE launched a secondary market in in the second half of 2017.
CADRE’s investors are able to buy and sell ownership interests in assets
on the platform, but only when Cadre opens a “liquidity window.” While
this secondary market is far from the liquidity offered in the P2P
consumer lending space, at least it is a start.
Institutional Players launch Crowdfunding platforms:
• Carlton, founded in 1991, is a reputable name in the industry having
completed >$150B in transactions. In 2014 Carlton launched “Carlton
Crowdfund” offering accredited investors smaller bite sizes ($100K-5M).
• Mission Capital, founded in 2002, is a real estate capital markets firm
who raises debt and equity for top funds and operators on a global scale.
In 2015 the firm incubated EquityMultiple: an “online marketplace for
real estate investing.”
• It will be interesting to see if this winds up becoming a trend among
institutional players with existing brands and infrastructure. Will we see
something play out similar to the Robo Advisor space, when incumbents
launched their own Robo Advisors and accumulated millions of users
and billions of dollars of AUM overnight?
Non-listed REIT structure:
• Opens up access to non-accredited investors.
• Rich Uncles, RealtyMogul & Fundrise all have non-listed REIT products in
which retail investors can buy shares for as little as $500.
• Compound is fundraising for a Manhattan Residential REIT, and intends
to apply to list the shares on the NYSE or Nasdaq.
Vertical Integration:
• While most firms started out offering just equity, or just debt, almost half
of the companies now offer both types of investments.
• DiversyFund is unique in that it is the only firm that also acts as the
sponsor and has their own construction team. They focus exclusively in
southern California.
iPOs (internet public offering):
• Also known as a DPO (direct public offering), iPOs have gained popularity
among crowdfunding startups whose mission is to democratize access.
• Fundrise successfully raised $14.5M from it’s own members in early
2017. DiversyFund & Groundfloor are currently offering their members
the ability to invest in them via their websites.
2

3. Data Set
➢ 22 companies
➢ All based in United States
➢ Broken out by 3 business models
1. Classic Crowdfunding: smaller project focus
2. Tech-enabled Private Equity: more institutional in nature
3. Direct-to-investor: pure-play marketplace
3
Pitchbook LinkedIn
Company HQ Founded Equity Funding Debt Funding Last Lead Investor(s) Last Raise Post-Val CEO Team Size Debt, Equity or Both Asset Classes Transaction Size Accredited? Managed Acct
RealtyShares San Francisco 2013 63,700,000$ 41,900,000$ Cross Creek Advisors Sep-17 - Ed Forst 114 Both Commercial & Residential RE $25K-2M Yes No
Fundrise Washington DC 2010 40,000,000$ - Renren Sep-14 - Benjamin Miller 52 Both Commercial & Residential RE $1M Avg. No Yes
Patch of Land Los Angeles, CA 2013 24,900,000$ $112,800,000* SF Capital Group Dec-17* - Jason Fritton 44 Debt Commercial & Residential RE $25K-3M Yes No
PeerStreet Manhattan Beach, CA 2013 21,100,000$ - Andreessen Horowitz Nov-16 42,000,000$ Brewster Johnson 99 Debt Residential $500K Avg. Yes Yes
ShareStates New York 2014 30,000,000$ - Ranger Direct Lending Fund May-15 - Allen Shayanfekr 30 Debt Commercial & Residential RE $100K-$4M Yes Yes (AutoInvest)
AlphaFlow San Francisco 2015 6,510,000$ - Resolute & Point72 Sep-17 - Ray Sturm 10 Debt Residential $75K-2M Yes Yes
LendingHome San Francisco 2013 165,900,000$ - Renren Oct-17 - Matt Humphrey 300 Debt Residential $200K Avg. Yes Yes (AutoInvest)
Fund that Flip New York 2014 3,600,000$ - Fintech Ventures Feb-16 20,770,000$ Matt Rodak 26 Debt Residential $50K-3M Yes No
Groundfloor Atlanta 2013 10,300,000$ - Undisclosed Feb-18 $31,000,000* Brian Dally 43 Debt Residential $25K-2M No No
Cadre New York 2014 133,400,000$ Soros LOC Andreessen Horowitz Jun-17 800,000,000$ Ryan Williams 75 Equity (soon both) CRE $30M-125M; Avg. $70M Yes Yes
Carlton Crowdfund New York 2014 - - The Carlton Group - - Howard Michaels 100* Both CRE $50-150M Yes No
EquityMultiple New York 2015 850,000$ - Mission Capital Feb-15 - Charles Clinton 10 Both Commercial $13M Avg. Yes No
RealtyMogul Los Angeles, CA 2012 45,050,000$ - Sorenson Capital Jul-15 147,510,000$ Jilliene Helman 92 Both CRE $5-30M Not for REIT REIT
Money360 Ladera Ranch, CA 2010 2,500,000$ 165,500,000$ John Maute & Jonathan Barlow Dec-15 - Evan Gentry 37 Debt CRE $1-20M Yes Yes
YieldStreet New York 2014 16,500,000$ 100,000,000$ Greycroft Jan-18 37,800,000$ Millind Mehere 28 Debt RE, Litigation, SME & Consumer $1-20M; $5M Avg. Yes No
DiversyFund San Diego, CA 2014 2,300,000$ - Undisclosed Jan-18 - Craig Cecilio 19 Both Commercial & Residential RE $2-50M Yes Income Fund
Rich Uncles Costa Mesa, CA 2012 - 3,000,000$ Pacific Mercantile Bank (debt) Jun-15 - Harold Hofer 41 Equity Commercial & Residential RE $1-5M No REIT
Compound New York 2016 1,500,000$ - NEA Jun-17 - Janine Yorio 10 Equity Residential TBD $1-5M+ No REIT
CrowdStreet Portland, OR 2013 6,200,000$ - Rally Ventures Mar-16 18,500,000$ Tore Steen 55 Both CRE $100K-10M Not for REIT No
RealCrowd Palo Alto, CA 2013 2,750,000$ - Data Collective, Reinmkr Mar-14 - Adam Hooper 10 Equity CRE $15-150M; $30M Avg. Yes No
Darc Matter New York 2014 Undisclosed - F50 (led both rounds) Dec-15 - Sang Lee 16 Both RE, HF, PE & VC Funds range $5-250M+ Yes No
iCapital Network New York 2013 42,450,000$ - UBS, BlackRock, MS, BNY Dec-17 135,600,000$ Lawrence Calcano 83 Both RE, HF, PE & VC Funds range $5-250M+ Yes (QP) No

4. Asset Types &
Vetting Process
Traditional Private Equity
-Rigorous Due
Diligence & Vetting
Pure Play Marketplace
-Limited Vetting
-”Pre-Screen”
Smaller Projects
-Single Family
High Quality Assets
-Institutional
Avg. deal size
$1M
$100K
$20M
$500K
$5M
$75M
4

5. Democratization &
Diversification
High Diversification
-Managed Account
-High Deal Volume
Low Diversification
-No managed Account
-Low Deal Volume
Low Democratization
-High minimums
-Accredited or QP
High Democratization
-Low minimum
-Non-Accredited
Avg. minimum
$500
$100K
$1M
$10K
$1K
$250K
$50K
$25K
$10
5

6. Classic Crowdfunding: Smaller Projects
▪ All of these platforms focus on debt,
while Fundrise & RealtyShares offer both
debt and equity.
▪ All these platforms focus on residential,
while Fundrise, Sharestates,
RealtyShares and Patch of Land offer
both Residential & Commercial.
▪ Transaction sizes range from $25K-4M
with an average of ~$500K.
▪ “Fix & Flip” Rehab platforms: Patch of
Land, AlphaFlow, LendingHome, Fund
That Flip & GroundFloor.
6

7. ➢ Founded: 2013
➢ Office(s): San Francisco (HQ)
➢ Total Capital Raised: $63.7M equity, $41.9M
debt
➢ Last Financing: September 2017 (Cross Creek
Lead)
➢ Investors: General Catalyst, USV, Menlo
Ventures, DHVC, Bow Capital, Blue Mountain,
Tilden Capital
➢ CEO: Ed Forst
➢ Team Size: 114
❑ Investor Sophistication: Accredited
❑ Asset Class: Commercial & Residential
❑ Asset Type: Debt & Equity
❑ Managed Account: No
❑ Min. Investment: $1-25K
❑ Transaction: $25K-2M, Single Family
❑ Vetting/Underwriting: Diligences both the
sponsor and the deal
❑ Track Record: $700M+ invested across 1,000
deals, 120,000 users, $130M returned to
investors
❑ Differentiator(s): $1K min. on select deals
enables investors to easily diversify
RealtyShares Factsheet
We are a real estate crowdfunding platform that provides accredited
investors access to pre-vetted real estate investment properties.
7

8. ➢ Founded: 2010
➢ Office(s): Washington, D.C. (HQ), New York
➢ Total Capital Raised: $55M equity
➢ Last Financing: $14.6M via “internet public
offering” [2,300 Fundrise members invested]
➢ Investors: Guggenheim, Renren, Camber Creek,
WestMill Capital, Collaborative Fund, Index
Ventures, Kindling Capital, Berman Enterprises
➢ CEO: Benjamin Miller
➢ Team Size: 52
❑ Investor Sophistication: Retail (non-accredited)
❑ Asset Class: Commercial & Residential
❑ Asset Type: Debt & Equity
❑ Managed Account: Yes
❑ Min. Investment: $500
❑ Transaction: $1M average
❑ Vetting/Underwriting: Diligences both the
sponsor and the deal
❑ Track Record: $1.4B of real estate transactions,
Average IRR ~11%
❑ Differentiator(s): diverse product offering: 1)
Goal Based investing 2) eREIT 3) eFund
Fundrise Factsheet
We are an investment firm focused on crowdsourced
commercial real estate investing.
8

9. We match investors seeking high-yield, short-term, asset-collateralized
investments to borrowers seeking funding for rehabbing properties.
➢ Founded: 2013
➢ Office(s): Los Angeles, CA (HQ)
➢ Total Capital Raised: $24.9M equity, $112.8M
debt*
➢ Last Financing: December 2017 (SF Capital
Group)*
➢ Investors: SeedInvest, Ron Suber, Catalus Capital
➢ CEO: Jason Fritton
➢ Team Size: 44
❑ Investor Sophistication: Accredited
❑ Asset Class: Commercial & Residential
❑ Asset Type: Debt
❑ Managed Account: No
❑ Min. Investment: $5K
❑ Transaction: $25K-3M, Short-term debt used for
rehabilitation
❑ Vetting/Underwriting: “pre-screened”
❑ Track record: >$450M funded across >1,000
loans, >$130M returned to investors, Avg. 10.9%
rate of return
Patch of Land Factsheet
9

10. ➢ Founded: 2013
➢ Office(s): Manhattan Beach, CA (HQ)
➢ Total Capital Raised: $21M equity
➢ Last Financing: November 2016 (Andreessen
Lead)
➢ Investors: Felicis, Rembrandt, Thomvest,
Montage, Kaiser Family Foundation, Toba
Capital, Guggenheim
➢ CEO: Brew Johnson
➢ Team Size: 95
❑ Investor Sophistication: Accredited
❑ Asset Class: Residential
❑ Asset Type: Debt
❑ Managed Account: Yes
❑ Min. Investment: $1K
❑ Transaction: ~$500K average; typically 6-24
month duration for improvement or
development
❑ Vetting/Underwriting: “re-underwrites” loans
from originators, and then buys ~90% of loan
❑ Track Record: >$500M deployed in >1,000 loans
❑ Differentiator(s): $1K minimum
PeerStreet Factsheet
We are a marketplace that provides unprecedented access to high
quality real estate loan investments.
10

11. ➢ Founded: 2014
➢ Office(s): New York (HQ)
➢ Total Capital Raised: $30M equity
➢ Last Financing: May 2015 (Ranger Direct
Lending Fund Lead)
➢ CEO: Allen Shayanfekr
➢ Team Size: 30
❑ Investor Sophistication: Accredited
❑ Asset Class: Commercial & Residential
❑ Asset Type: Debt (majority are first lien)
❑ Managed Account: Yes (auto-invest)
❑ Min. Investment: $1K for first five deals, then
minimum increases to $5K
❑ Transaction: $100K-4M
❑ Vetting/Underwriting: Sharestates sources and
underwrites loans
❑ Track Record: $987M funded across 1,018
projects in 19 states; Avg. Investor IRR = 10.54%
and $0 principal lost
❑ Differentiator(s): ShareStates Redemption
program offer investors liquidity
ShareStates Factsheet
We are a pioneer in the field of marketplace real estate lending.
We offer Wall Street Deals for Main Street Investors.
11

12. ➢ Founded: 2015
➢ Office(s): San Francisco (HQ)
➢ Total Capital Raised: $6.5M equity
➢ Last Financing: September 2017 (Point72 &
Resolute)
➢ Investors: YC, Social Capital, Red Swan,
Clocktower, Upside Partnership
➢ CEO: Ray Sturm
➢ Team Size: 10
❑ Investor Sophistication: Accredited
❑ Asset Class: Residential
❑ Asset Type: Debt
❑ Managed Account: Yes
❑ Min. Investment: $10,000
❑ Transaction: $75K-2M; 6-12 month duration
[focus on “fix & flip”]
❑ Vetting/Underwriting: Partner with lenders to
source loans, and overlay “AlphaFlow” analytics
to pick the best ones.
❑ Track Record: $120M+ of real estate
crowdfunding investments; 675 total loans in 30
states; Net Rate = 8.88%
❑ Differentiator(s): Portfolios get exposure to 75+
in 15+ states
AlphaFlow Factsheet
We provide professionally managed, diversified portfolios of real estate
loans. Our focus is short term bridge loans for “fix & flip” developers.
12

13. We source creditworthy real estate professionals looking for short-term
mortgages to be used for purchasing and rehabilitating homes.
➢ Founded: 2013
➢ Office(s): SF (HQ), Columbus OH, Pittsburgh PA
➢ Total Capital Raised: $165.9M equity
➢ Last Financing: October 2017
➢ Investors: Sberbank, Noah Holdings, First Round,
Foundation Capital, Acecap, DHVC, Ribbit,
Cowboy Ventures
➢ CEO: Matt Humphrey
➢ Team Size: 300
❑ Investor Sophistication Level: Accredited
❑ Asset Class: Residential
❑ Asset Type: Debt
❑ Managed Account: Yes (AutoInvest)
❑ Min. Investment: $1K on AutoInvest or $5k on a
per deal basis
❑ Transaction: $250K average, short duration (12
months or less)
❑ Vetting/Underwriting: Diligences both the
sponsor and the deal
❑ Track Record: >$2B loans funded across >10,000
homes financed >$1B returned to investors
❑ Differentiator(s): $1K minimum per note on
their managed account platform, AutoInvest
LendingHome Factsheet
13

14. We are a crowd financing platform for residential real estate
redevelopment projects.
➢ Founded: 2014
➢ Office(s): New York (HQ)
➢ Total Capital Raised: $3.6M equity
➢ Last Financing: February 2016 (Fintech Ventures
Lead)
➢ Investors: SoundBoard Angel Fund
➢ CEO: Matt Rodak
➢ Team Size: 26
❑ Investor Sophistication: Accredited
❑ Asset Class: Residential
❑ Asset Type: Debt
❑ Managed Account: No
❑ Min. Investment: $5K
❑ Transaction: $50K-1M, used for rehabilitation of
single family or small multi-family
❑ Vetting/Underwriting: “thoroughly diligences
each loan, and invest alongside.”
❑ Track Record: >$375 loans funded
Fund That Flip Factsheet
14

15. We are disrupting private market securities & real estate investing,
opening it to the public – as in “everyone with ten bucks.”
➢ Founded: 2013
➢ Office(s): Atlanta, GA (HQ)
➢ Total Capital Raised: $10.3M equity
➢ Last Financing: February 2018 ($4.3M)
➢ Investors: Fintech Ventures Fund, IMAF-RTP,
Bandwidth, American Underground,
➢ CEO: Brian Dally
➢ Team Size: 43
❑ Investor Sophistication: Retail (non-accredited)
❑ Asset Class: Residential
❑ Asset Type: Debt
❑ Managed Account: No
❑ Min. Investment: $10
❑ Transaction: $25K-2M; $125K Avg. Loan, used
for rehabilitation of single family or small multi-
family
❑ Vetting/Underwriting: Diligences both the
sponsor and the deal
❑ Track Record: >$38M lent across 318 projects;
investors average return has been 10%
❑ Differentiator(s): $10 minimum (do not need to
be accredited); currently fundraising via “Online
Public Offering” through their website
Groundfloor Finance Factsheet
15

16. “Tech-enabled” Private Equity
[more institutional in nature]
▪ Teams have talented real estate
professionals doing deep due diligence on
both the sponsors and the properties.
▪ These companies are often co-investing in
deals off their balance sheets.
▪ All platforms focus on Commercial Real
Estate while YieldStreet, Rich Uncles &
Diversy Fund also offer residential.
▪ YieldStreet also offers deals involving
litigation, consumers loans and SMB loans.
▪ Carlton Crowdfund & EquityMultiple both
leverage the brand and infrastructure of
established RE players.
16

17. ➢ Founded: 2014
➢ Office(s): New York (HQ), Toronto
➢ Total Capital Raised: $133.4M equity
➢ Last Financing: June 2017 (Andreessen Lead)
➢ Investors: Thrive, General Catalyst, Goldman
Sachs, Khosla, Lumia Capital, Breyer Capital,
Ford Foundation, Apoletto Managers, Founders
Fund, Slow Ventures, Sherpa Capital, Lakestar
➢ CEO: Ryan Williams
➢ Team Size: 75
❑ Investor Sophistication: Accredited
❑ Asset Class: Commercial
❑ Asset Type: Equity (recent announcement to
expand into debt)
❑ Managed Account: Yes
❑ Min. Investment: $100K
❑ Transaction: $30-125M (avg. $70M)
❑ Vetting/Underwriting: PE style vetting & due
diligence, and co-invests in every deal
❑ Track Record: completed >$1B transactions
❑ Differentiator(s): institutional quality assets,
secondary market
Cadre Factsheet
We are a technology-enabled real estate investment platform offering
investors the ability to invest in institutional quality assets.
17

18. ➢ Founded: 1991; CrowdFund launched 2014
➢ Office(s): New York (HQ), LA, West Palm Beach,
FL, London, Madrid, Milan, Athens,
➢ Total Capital Raised: funded from parent
➢ Last Financing: N/A
➢ Investors: The Carlton Group
➢ CEO: Howard Michaels
➢ Team Size: 100 firmwide; unsure # dedicated to
CrowdFund
❑ Investor Sophistication: Accredited
❑ Asset Class: Commercial
❑ Asset Type: Debt & Equity
❑ Managed Account: No
❑ Min. Investment: $200K-5M
❑ Transaction: $50-150M
❑ Vetting/Underwriting: PE style vetting & due
diligence, and co-invests in every deal
❑ Track Record: Carlton Group has completed
>$125B transactions globally [unsure how much
the CrowdFund has completed]
❑ Differentiator(s): leverages parent company for
existing infrastructure, sourcing relationships
and brand/reputation
Carlton CrowdFund Factsheet
We provide accredited investors from around the world an opportunity to
invest in large, high-yield, cash-flowing commercial real estate investments.
18

19. ➢ Founded: 2015
➢ Office(s): New York
➢ Total Capital Raised: $800K equity
➢ Last Financing: February 2015 (Mission Capital
Lead)
➢ CEO: Charles Clinton
➢ Team Size: 10
❑ Investor Sophistication: Accredited
❑ Asset Class: Commercial
❑ Asset Type: Debt & Equity
❑ Managed Account: No
❑ Min. Investment: $5-10K
❑ Transaction: $200K-200M (avg. $13M)
❑ Vetting/Underwriting: PE style vetting & due
diligence of both the sponsor and the deal
❑ Track Record: completed >30 transactions
totaling >$375M in real estate value
❑ Differentiator(s): backed by established real
estate company (Mission Capital)
EquityMultiple Factsheet
Welcome to Modern Real Estate Investing:
we are leveling the playing field for individiual investors.
19

20. ➢ Founded: 2012
➢ Office(s): Los Angeles (HQ), New York, Atlanta
➢ Total Capital Raised: $45M equity
➢ Last Financing: July 2015 (Sorenson Capital
Lead)
➢ Investors: Canaan Partners, Target Global,
VoiVoda, Microsoft Accelerator,
➢ CEO: Jilliene Helman
➢ Team Size: 92
❑ Investor Sophistication: non-accredited for REIT
product, otherwise accredited
❑ Asset Class: Commercial
❑ Asset Type: Debt & Equity
❑ Managed Account: REIT product
❑ Min. Investment: $1-50K deal dependent
❑ Transaction: $5-30M; will do debt deals up to
$25M; no new development
❑ Vetting/Underwriting: Rigorous vetting and due
diligence of both the sponsor and the deal
❑ Track Record: >153,000 investors; >$1.5B in Real
Estate value; >$74M in investor disbursements
❑ Differentiator(s): access to 1031 Exchange
“Specialists”; MogulREIT with $1K min. for non-
accredited investors
RealtyMogul.com Factsheet
We give access to real estate investment opportunities that traditionally
have only been accessible to very wealthy institutions and individuals.
20

21. ➢ Founded: 2010
➢ Office(s): Ladera Ranch, CA (HQ)
➢ Total Capital Raised: $2.5M+ equity, $165M
debt
➢ Last Financing: May 2017 (Debt Facility)
➢ Investors: John Maute, Jonathan Barlow, Ron
Suber
➢ CEO: Evan Gentry
➢ Team Size: 37
❑ Investor Sophistication: Accredited
❑ Asset Class: Commercial
❑ Asset Type: Debt
❑ Managed Account: Yes
❑ Min. Investment: $50,000
❑ Transaction: $1-20M, Bridge or Permanent
Financing
❑ Vetting/Underwriting: Rigorous vetting and due
diligence of both the sponsor and the deal
❑ Track Record: >$500M in loan funding; M360
Advisors >$300M in AUM
❑ Differentiator(s): institutional participation
(banks, insurance companies & pension funds)
Money360 Factsheet
We are a marketplace for commercial real estate loans. Loans are funded
by banks, insurance companies, pension funds and accredited investors.
21

22. ➢ Founded: 2014
➢ Office(s): NYC (HQ)
➢ Total Capital Raised: $16.5M equity, $100M
debt
➢ Last Financing: January 2018 (Greycroft Lead)
➢ Investors: Greycroft, FJ Labs, Raine Ventures,
Saturn Ventures, Expansion Venture Capital
➢ CEO: Milind Mehere
➢ Team Size: 28
❑ Investor Sophistication: Accredited
❑ Asset Class: Asset-backed: CRE & Residential RE,
Litigation, SME & Consumer Loans
❑ Asset Type: Debt & Equity
❑ Managed Account: No
❑ Min. Investment: $5-50K
❑ Transaction: $1-20M; average deal ~$5M
❑ Vetting/Underwriting: Rigorous vetting and due
diligence of both the sponsor and the deal
❑ Track Record: $278M+ invested, 86 investments,
13.5% IRR, $0 Principal Loss
❑ Differentiator(s): Litigation deals
YieldStreet Factsheet
We specialize in loans to real-estate projects, small businesses and law
firms that gives access to asset-based investments to investors.
22

23. ➢ Founded: 2014
➢ Office(s): San Diego, CA (HQ)
➢ Total Capital Raised: $2.3M
➢ Last Financing: January 2018
➢ Investors: Undisclosed
➢ CEO: Craig Cecilio
➢ Team Size: 19
❑ Investor Sophistication Level: Accredited
❑ Asset Class: Commercial & Luxury Residential
❑ Asset Type: Debt & Equity
❑ Managed Account: Yes (Income Fund)
❑ Min. Investment: $5-50K
❑ Transaction: $2M-50M ($5M average) in
Southern CA
❑ Vetting/Underwriting: Sources, acquires and
manages properties
❑ Track Record: >30,000 users & >$100M in
transactions
❑ Differentiator(s): vertically integrated, act as
sponsor & have own construction team;
currently offering members opportunity to
invest in DiversyFund Series A
Diversy Fund Factsheet
We are a full service, online real estate crowdfunding platform that
connects investors to high-quality real estate investment opportunities.
23

24. ➢ Founded: 2012
➢ Office(s): Costa Mesa, CA (HQ)
➢ Total Capital Raised: $5.8M+ equity; $3M debt
➢ Last Financing: Canceled IPO in July 2015
➢ Investors: Pacific Mercantile Bank (debt)
➢ CEO: Harold Hofer
➢ Team Size: 41
❑ Investor Sophistication: Retail (non-accredited)
❑ Asset Class: Commercial & Residential
❑ Asset Type: Equity
❑ Managed Account: REIT
➢ REIT Trust I [formed March 2012]
➢ NNN REIT [formed May 2015]
➢ Student-housing REIT “coming soon”
❑ Min. Investment: $500
❑ Transaction: $1-5M
❑ Vetting/Underwriting: Sources, acquires and
manages properties
❑ Track Record: As of 12/31/16, REITs own ~30
properties that generate ~$10M of annualized
lease revenue
❑ Differentiator(s): non-listed REIT structure which
allows retail investors $500 investment min.
Rich Uncles Factsheet
We offer the ability to invest in commercial real estate through
ownership in a Real Estate Investment Trust (REIT).
24

25. ➢ Founded: 2016
➢ Office(s): New York (HQ)
➢ Total Capital Raised: $1.5M equity
➢ Last Financing: June 2017 (NEA Lead)
➢ Investors: GFC, Founders Fund, Plug & Play
➢ CEO: Janine Yorio
➢ Team Size: 10
❑ Investor Sophistication: Retail (non-accredited)
❑ Asset Class: Residential
❑ Asset Type: Equity
❑ Managed Account: NY Residential REIT
❑ Min. Investment: $100
❑ Transaction: TBD $1-5M+, Condominiums,
Townhomes, Apartment buildings [Exclusively
Manhattan]
❑ Vetting/Underwriting: Sources, acquires and
manages properties
❑ Track Record: company recently pivoted,
fundraising for its first REIT product
❑ Differentiator(s): allows retail investors $100
investment min.; plans to list company’s stock
on NYSE or Nasdaq
Compound Factsheet
We create city-specific residential real estate funds designed
for the next generation of investors
25

26. Direct-to-Investor Model
▪ Business models are akin to "pure play”
marketplaces.
▪ Pre-screening of sponsors and deals, but
vetting is not as rigorous.
▪ Very limited, if any, co-investing.
▪ RealCrowd & CrowdStreet exclusively
focus on Commercial Real Estate.
▪ DarcMatter & iCapital Network offer all
types of alternative investments (Real
Estate, HFs, PE, VC) and have high
minimums ranging from $100K-$5M.
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27. ➢ Founded: 2013
➢ Office(s): Portland, OR (HQ)
➢ Total Capital Raised: $6.2M equity
➢ Last Financing: March 2016 (Rally Ventures
Lead)
➢ Investors: Green Visor Capital, Seven Peaks
Ventures, Portland Seed Fund,
➢ CEO: Tore Steen
➢ Team Size: 55
❑ Investor Sophistication: Accredited except for
REIT offerings
❑ Asset Class: Commercial
❑ Asset Type: Debt & Equity
❑ Managed Account: No
❑ Min. Investment: $10-50K [deal dependent]
❑ Transaction: $100K-10M average
❑ Vetting/Underwriting: vets sponsor & deal or
fund, but investors invest directly with sponsors
❑ Track Record: >$200M equity funded across
>185 offerings; >25,000 investors & >80 CRE
developers
❑ Differentiator(s): “direct-to-investor” model [no
SPV or LLC]; also offers white-labeled enterprise
software for sponsors
CrowdStreet Factsheet
We provide an online client management platform intended to connect
accredited investors with commercial real estate investments.
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28. ➢ Founded: 2013
➢ Office(s): Palo Alto (HQ)
➢ Total Capital Raised: $2.75M+ [undisclosed seed
round]
➢ Last Financing: March 2014 (Data Collective,
Reinmkr)
➢ Investors:, YC, Bodley Group, ZenStone,
Initialized Capital, Beenos Partners, South
Ventures, GC, Andreessen
➢ CEO: Adam Hooper
➢ Team Size: 10
❑ Investor Sophistication Level: Accredited
❑ Asset Class: Commercial
❑ Asset Type: Equity
❑ Managed Account: No
❑ Min. Investment: $25-100K
❑ Transaction: $15-150M (average $30M);
investors invest directly in a deal or in a
sponsor’s fund
❑ Vetting/Underwriting: sponsors must have >10
years & >$50M of transaction experience
❑ Track Record: >130 deals >$134M in equity
>15,000 members
❑ Differentiator(s): education; offers podcast &
CRE course
Real Crowd Factsheet
Transforming the real estate industry by giving investors direct access to
CRE that institutions, pension funds & university endowments have.
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29. ➢ Founded: 2014
➢ Office(s): NYC (HQ)
➢ Total Capital Raised: Undisclosed
➢ Last Financing: December 2015 (F50 Lead)
➢ Investors: F50
➢ CEO: Sang Lee
➢ Team Size: 16
❑ Investor Sophistication Level: Accredited
❑ Asset Class: Real Estate, HFs, PE & VC
❑ Asset Type: Debt & Equity
❑ Managed Account: No
❑ Min. Investment: $100K-5M
❑ Transaction: Funds on the platform range from
$5M-250M+
❑ Vetting/Underwriting: Pure matching platform,
only vets the managers
❑ Differentiator(s): DarcMatter is planning to raise
$30M in an ICO due to launch on 3/22
DarcMatter Factsheet
We are an online investment platform providing accredited investors with
institutional level access to alternative investments.
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30. ➢ Founded: 2013
➢ Office(s): NYC (HQ)
➢ Total Capital Raised: $42.45M equity
➢ Last Financing: December 2017 (BlackRock &
UBS, Lead)
➢ Investors: Pivot, Morgan Stanley, Credit Suisse,
Intralinks, Eaton Partners, Panorama Point, Park
Hill, Capstone, Monument Group, Burgiss Group
➢ CEO: Lawrence Calcano
➢ Team Size: 83
❑ Investor Sophistication: Qualified Purchaser
❑ Asset Class: Real Estate, HFs, PE & VC
❑ Asset Type: Debt & Equity
❑ Managed Account: No
❑ Min. Investment: $100K-5M
❑ Transaction: Funds on the platform range from
$5M-250M+
❑ Vetting/Underwriting: re matching platform,
only vets the managers
❑ Track Record: >$5.2 billion in private fund
subscriptions, >10,500 investors, >110 funds.
❑ Differentiator(s): acquired the US PE Access
Fund Platform from Deutsche Bank on 9/21/17
iCapital Network Factsheet
We are a financial technology platform that simplifies access to
alternatives, such as PE & HFs, for HNW investors and their advisors.
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31. Thank You!
➢ Daniel published this landscape in April 2018. Shortly after, Daniel joined
Corigin as the Chief of Staff in July 2018. Daniel’s roles and responsibilities
can be found here.
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