LOS ANGELES--(BUSINESS WIRE)--AssetAvenue, the leading online platform for commercial real estate loans, today announced it has raised $11 million in its Series A funding round, led by DCM Ventures, a global venture capital firm headquartered in Silicon Valley with offices in Beijing and Tokyo. DCM Ventures is also an investor in SoFi, the largest peer-to-peer (P2P) lender of student loans. Additional investors in the technology, venture capital and real estate industries participated, including NetEase and Matrix Partners, who were the lead investors in the company’s $4 million seed round last year.
AssetAvenue was founded in December 2013 and has experienced rapid growth. The company will use the funding to further invest in its technology and proprietary lending platform with additional product developments, expand its roster of talent with key hires across multiple departments, and ramp up its marketing and sales campaigns.
“We are thrilled to have this exceptional group of investors supporting AssetAvenue’s mission to revolutionize the real estate lending industry,” said David Manshoory, CEO and Co-Founder of AssetAvenue. “We will use this infusion of capital to further accelerate our growth and deliver on our promise to better serve those seeking quick and efficient access to capital on our platform, while also providing institutional and accredited investors the ability to earn attractive returns.”
AssetAvenue offers bridge and transitional loans for commercial real estate such as office buildings, industrial properties, shopping centers, apartment complexes and luxury, non-owner occupied residential properties. Institutional and accredited investors who are members of the online platform can choose from an array of professionally vetted loans to fit diverse portfolio goals.
With over $2.5 billion under management, DCM Ventures has invested in more than 250 technology companies across the United States and Asia. Additional investors include NetEase, Matrix Partners and Ron Suber, President of Prosper.
“We’re extremely excited to support AssetAvenue’s rapid growth,” said David Chao, General Partner at DCM Ventures. “The company’s ability to provide quick and efficient loans through its use of technology will dramatically change how lending is done in the commercial real estate space.”
"We were one of the lead investors in the company's seed round, and our belief in the AssetAvenue team has been reinforced after seeing the company achieve significant milestones in its first year,” added Josh Hannah, General Partner at Matrix Partners. “The team is very experienced and they have identified a great opportunity to address the needs of an underserved market that is not being met by current banking solutions. We're pleased to participate in the Series A round and look forward to seeing AssetAvenue's growth over the next year."
AssetAvenue’s executive team is comprised of three co-founders:
- David Manshoory, Chief Executive Officer, an executive with more than ten years of proven success in start-ups and commercial real estate investing;
- Kevin Arrabaca, President of Real Estate Investments, previously held management and officer positions at Colony Capital and American Capital Realty, and has underwritten over $10 billion of real estate throughout his career; and
- Chris Ganan, President of Capital Markets, has over a decade of real estate experience sourcing and structuring joint ventures and funds with private equity, hedge fund, and high net worth foreign and domestic investors.
For more information, please visit: www.assetavenue.com.
AssetAvenue is an online peer-to-peer lending platform for commercial real estate loans. The Company provides quick and reliable access to competitively priced loans while offering accredited and institutional investors the potential to earn attractive returns. AssetAvenue leverages its innovative technology platform to provide bridge financing from $250,000 to $25 million per property. Qualified investors can participate in funding with as little as $5,000, or fund loans through the Company’s Whole Loan Program. AssetAvenue has been recognized as one of the top 10 lending start-ups by CB Insights and featured in top media outlets, including the Wall Street Journal, Entrepreneur and Forbes. Learn more about investing and borrowing at www.assetavenue.com.
About DCM Ventures:
DCM Ventures is an early stage venture capital firm based in Silicon Valley, Beijing and Tokyo with more than $2.5 billion under management. The team's global DNA and extensive industry expertise empowers its entrepreneurs with hands-on operational guidance and a global network of business and financial resources. DCM Ventures has invested in more than 250 technology companies across the United States and Asia backing numerous industry leaders over its 20 year history. Successful exits (IPOs and M&As) include, among others, China-based: 51job, 58.com, 99Bill (Wanda Group), BitAuto, Dangdang, Luxin, Renren, Tuniu, and Vipshop; Japan-based: JCI, Kabu.com, Pokelabo (GREE), Scigineer, and StarFlyer; U.S.-based: About.com, Basis (Intel), Fortinet, PGP Corporation (Symantec), SandForce (LSI), Slice Technologies (Rakuten), and Sling Media (EchoStar) as well as eDreams in Spain and Daum Kakao in Korea.