Real estate investing app LEX locks up $6m in funding

LEX, which opens up real estate investment to everyone, has collected $6m in a new funding round.

The investment was backed by Tim Callahan through the Callahan Family Investments, Marty Edelman, Kawawa Capital, Inertia Ventures, Modern Venture Partners, Subversive Capital, Two Lanterns Venture Partners, Gaingels, RAJ Capital, five-time NFL Pro-Bowler DeAndre Hopkins and among others.

WatermanClark managing partner Ric Clark invested into LEX and joined the company’s board of directors.

The LEX marketplace provides accredited and non-accredited investors with the opportunity to acquire minority positions in commercial real estate properties through singe-asset IPOs. This method offers a simplified alternative to public REITs that offer commingled portfolios that include up to 100 properties.

Its securities marketplace is powered by Nasdaq and enables everyone to directly invest in real estate properties.

LEX co-founder and CEO Drew Sterrett said, “We are thrilled to welcome Ric to the board during this exciting time for LEX and to expand our deep bench of senior board members with industry veterans who share our vision for the future of the asset class.

“Ric has a long-standing track record of leading innovation and growth at one of the industry’s most highly respected firms and we’re incredibly excited that he’s investing both time and capital into LEX.”

The FinTech previously closed a $4m seed round back in 2019 from Greycroft and Thor Equities.

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