15 Jul, 2020, 09:00 ET
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Proptech startup brings together a world-class team to enable investing in real estate for as little as $1
VANCOUVER, BC, July 15, 2020 /CNW/ - addy Technology Corporation ("addy" or the "Company"), a Vancouver-based proptech start-up on a mission to allow every human to become a homeowner, launched today enabling Canadians to invest in real estate for as little as $1. The Company also announced the appointment of five leading real estate, technology, and legal experts to its Board of Directors and Advisory Board. Steve Evans, Co-founder and CEO of Sunstone Realty Advisors, Pure Multi-Family REIT LP, and Pure Industrial Real Estate Trust; Pascal Spothelfer, CEO of Genome BC and past President & CEO of the BC Tech Association; and Keith Spencer, technology lawyer and retired partner at a leading Canadian law firm, join as Directors. Co-founder and former CEO of BuildDirect, Jeff Booth, has been appointed Chairperson of the Board. Thuan Pham, former Chief Technology Officer of Uber, joins the Advisory Board.
"Quality real estate opportunities are usually out of reach for everyday people and it is getting worse. As governments continue to print money in response to the global pandemic, they are pushing asset prices higher, which ironically makes it harder for anyone without vast sums of cash to participate in real estate," said Michael Stephenson, Co-founder and CEO of addy. "We believe everyone should have the opportunity to own property with access to real estate investing at any amount, regardless of income, age, or other conflicts."
Property purchase decisions are made collectively by addy's executive team, investment committee, and Board of Directors. Once identified, the property is broken out into investment increments valued at $1. For example, a $1M property is divided up into 1M shares; and shares in the property will be available to qualified members on addy's platform. Investors can decide how much they want to invest.
"The team has been quietly building the technology platform for the past two years in order to streamline the entire investment process and to minimize transaction costs," said Thuan Pham, former Chief Technology Officer at Uber and addy Advisory Board member. "I've seen countless proptech startups in Silicon Valley and addy is the first one I've seen with a real chance at completely reinventing the industry."
The Company's proof of concept property located on Vancouver, BC's Trout Lake sold out to 305 investors in addy's network. Investments ranged from $1 to $95,000, and the average investment was $4,551. Investors were spread across the country. It was the first of its kind in Canada.
addy has made the following appointments to its leadership team:
- Jeff Booth, Co-Founder & Chairperson - Entrepreneur, technology leader, author, and co-founder of BuildDirect. Jeff was named BC Technology Industry Association's (BCTIA) 'Person of the Year' in 2015 and in 2016 was listed as one of Goldman Sachs '100 Most Intriguing Entrepreneurs'.
- Steve Evans, Board Member - President of Sunstone Realty Advisors and Co-Founder and former CEO of Pure Industrial Real Estate Trust (formerly Canada's dominant "pure-play" industrial property REIT, founded in 2007 and traded on the TSX; sold to Blackstone in 2018 for $3.8B) and Pure Multi-Family REIT LP (a Canadian based vehicle offering exposure to institutional quality US multi-family real estate assets, founded in 2012 and traded on the TSX; sold to Cortland in 2019 for US$1.2B).
- Pascal Spothelfer, Board Member - Pascal has held senior executive roles, in both Europe and Canada, across industry sectors ranging from technology, not for profit organizations and academia, President & CEO of Genome BC since 2016.
- Keith Spencer, Board Member - Technology lawyer at a leading Canadian law firm, retired Co-Leader of the firm's Start-Up & Emerging Company Services Group, recipient of The BC Tech Association's "Bill Thompson Lifetime Achievement Award", Board member of numerous emerging Canadian technology companies.
- Thuan Pham, Advisor - Former Chief Technology Officer at Uber. Prior to that, he was VP of Engineering at VMware, Westbridge, and DoubleClick. He holds a BS in computer science and engineering and an MS in EE/CS from MIT.
To learn more about addy, become a member of addy's network, and invest in real estate, visit addyinvest.com.
addy Technology Corporation ("addy") is a proptech company on a mission to allow every human to become a homeowner. The Company enables Canadians to invest in real estate for as little as $1. addy was founded in 2018 by a team of real estate and technology entrepreneurs and is headquartered in Vancouver, BC. To learn more, visit: addyinvest.com and join the @addyinvest community on Facebook, Twitter, YouTube, LinkedIn, and Instagram. Tune in to the addy podcast on iTunes and Spotify.
The information provided herein is for informational purposes only. It does not constitute or form any part of any offer or invitation or other solicitation or recommendation to purchase any securities. It should not be considered financial or professional advice. You should consult with a professional to determine what may be best for your individual needs.
This document contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). The use of the words "intention", "will", "may", "can", and similar expressions are intended to identify forward-looking statements. Although addy believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since addy can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and addy does not undertake any obligations to publicly update and/or revise any of the included forward-looking statements, whether as a result of additional information, future events and/or otherwise, except as may be required by applicable securities laws.
SOURCE addy Technology Corporation
For further information: Media Contact: Katie Kernahan, [email protected], 1 (833) 462-9888 ext 710
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