ReSolve, a business advisory and investment house, has sold PropTech platform BrickVest to the real estate investor PATRIZIA.
While BrickVest has generated enough revenue to almost break even, last year it chose to seek additional funding to aid its operations. ReSolve was brought in as administrators in November and they looked to find interest in the purchase of BrickVest and its assets.
Following this acquisition, PATRIZIA will help BrickVest further its development. BrcikVest will also gain access to PATRIZIA’s global industry network which includes over 350 institutional investors and partners, as well as 200 banks and financial institutions worldwide.
Founded in 2014, BrickVest is a real estate crowd investing platform which enables users to access institutional-grade investment opportunities from as low as €1,000. The London-based startup offers investments for across Europe.
The startup has raised around £12m in venture funding from a selection of backers, including angel investors, venture capital firms and banks.
PATRIZIA CEO Wolfgang Egger said, ‘We are convinced that BrickVest has the potential to become the go-to global and independent industry platform of choice for real assets. Therefore, it is essential for us that BrickVest remains independent and provides full transparency, convenient access as well as much broader choice to all investors.
“We will ensure that BrickVest has access to our deep industry knowledge, broad investor network and expert market intelligence which makes the platform even more attractive’
Last year, the FinTech released its second employee participation fund in partnership with German commercial property specialist BEOS.