Extrance, a tech startup serving primary sponsors and their investors in commercial real estate limited partnerships, announced the closure of its seed round of funding. After raising $850,000, the principal of which was a pre-IPO investor in Apple, MasterCard, Amazon and Control Data, it has opened up an additional $150,000 round for strategic partners. Throughout 2021, Extrance raised capital to develop an all-in-one investment management platform with AI integration, machine learning and blockchain technology to automate back and middle office functions and facilitate commercial real estate investments.
According to Extrance founder William Lively, the company expects to raise an additional $125,000 from individuals with a vested interest in the company and potential clients.
“Our platform is a holistic approach to solving all of the problems commercial real estate investors face, including that of illiquidity,” Lively said. Early rounds of funding have allowed Lively to bring his platform into the fold. “These milestones have brought us into full-stack development with our NYC-based technology partner, Unified Infotech.”
Extrance aims to provide incentives to generate interest and avoid potential investor-vendor conflicts. It looks to offer rebates on investments for firms or individuals that become customers. The company recently secured beta testing for strategic capital investors looking to utilize the software.
The company intends to use the strategic capital to grow its team, invest in human resources, and expand its marketing budget, the company claims.
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