ReSolve appointed as administrators for PropTech platform BrickVest

ReSolve has been appointed as administrators of property investment platform BrickVest.

Despite the company generating enough revenue to nearly breakeven, the group requires additional investment. The administrators are looking to establish interest in the purchase of the business and its assets.

Founded in 2014, BrickVest offers a pan-European crowd investing platform for real estate. The company has offices in the UK, France and Germany, and has a ream of over 20 people.

The startup has raised around £12m in venture capital funding from a variety of investors. Its backers include around 50 angels, three venture capital firms and two banks.

ReSolve managing partner Mark Supperstone said, “Whilst we are disappointed to see such a leading Fintech player in this situation we are determined to secure a sale of the business and its assets and deliver the best possible outcome for the creditors. We would encourage any interested parties to contact us as soon as possible.”

Last month the PropTech platform launched its second employee participation fund in partnership with German commercial property specialist BEOS.

Aareal Bank invested into BrickVest in late 2018, nabbing a strategic stake in the business to support its growth. In 2017, the PropTech platform raised a £7m Series A, with Berlin Hyp serving as the lead backer.

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