New York, USA-based technology platform for alternative investments that provides an end-to-end digital investing process and secondary trading, RealBlocks, raised an additional USD 10 million in Series A extension. The round took place on May 31, 2023. Crosslink Capital, a prominent venture investor based in Menlo Park focusing on B2B, fintech and SaaS, as well as new investor Left Lane Capital, a New York-based global venture capital and growth equity firm investing in internet and technology companies, co-led the financing the oversubscribed Series A extension round.
Purpose of financing for RealBlocks
With the latest financing, RealBlocks has plans to continue to scale its technology platform. It provides capabilities such as onboarding and management of the entire lifecycle of alternative funds and their investors.
So far, the total funds raised by the company amounts to USD 20.7 million.
What the company’s co-founder has to add
Perrin Quarshie, CEO of RealBlocks, said, “We’re incredibly grateful for the engagement and support we have received from our investor base. This is a significant milestone that is indicative of our past accomplishments and our future success, especially now during a period of economic uncertainty that is leading investors to be more cautious. RealBlocks is in a unique position to fundamentally reshape the alternative investing experience for fund managers and their investors, and this funding will help advance our mission to make investing in private funds as easy as it is with public funds.”
What the investors have to add
Harley Miller, CEO and Managing Partner at Left Lane Capital, further said, “There is a growing demand in-market for a digital-first offering to alleviate the friction that antiquated business processes cause within the investment fund ecosystem. With a highly robust product suite and an extremely dedicated team, we believe RealBlocks is well positioned to capitalize on this opportunity.”
About the company
Naman Srivastava and Perrin Quarshie launched the company in 2019. The company is on the mission to provide open access to alternative investments, such as real estate, infrastructure, private equity and debt, meanwhile improving the investment experience for wealth managers, advisors and investors. RealBlocks services more than USD 77 billion in assets under administration. The company earlier launched a special purpose vehicle (SPV). It offers a product called Queue Protection in response to the growing demand for a solution to help relieve mounting liquidity pressure for private funds hitting redemption limits or being gated.
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