DomaCom Exclusively Signs On with New York Crowdfunder, Prodigy Network

Australian crowdfund, DomaCom (ASX: DLC), recently announced that they have signed an exclusive  distribution agreement with Prodigy Network, the leading real estate crowdfunding platform in the United States.

KEY TAKEAWAYS:

• Under DomaCom’s new structure this will provide Australian investors with exclusive opportunities to invest into commercial real estate in Manhattan.
• Providing Australia investors with overseas crowdfunding property opportunities.
• Prodigy Network is the leading real estate crowdfunding platform in the United States. Focused primarily on prime commercial assets in Manhattan, Prodigy Network is democratising real estate investing by giving smaller investors access to institutional quality investments.

DomaCom Ltd is a unique ASX listed Fractional Property Fund in Australia that utilises’ a crowdfunding platform in which allows investors to pool together, to acquire property of their choice.  Through the Company’s fund, investors are able to purchase part of any property type.

“DomaCom CEO, Arthur Naoumidis, said the agreement, which was arranged by Tara Hill Capital in Sydney and Alpine Capital Advisors in New York, is the start of what he hopes will be several overseas property crowdfunding opportunities for Australian investors. “Whilst crowdfunding is still a relatively new phenomenon in Australia it is gaining significant ground overseas. There are over 125 such businesses globally with the 2015 transactions estimated to be around US$2.5 billion up from only US$20 million 4 years ago”, said Mr Naoumidis. DomaCom believes Australia is slowly realising the power of the crowd and the opportunities that it presents to investors and hopes to demonstrate this working with overseas crowdfunders like Prodigy Network”.

Previous achievements and highlights from DomaCom:

• DomaCom Limited, obtained in early February 2017 the “green light” to crowdfunding mortgages.
• SuperConcepts announced towards the end of 2016, the exclusive partnership with DomaCom to provide trustees and their advisers with ease of access to property investments.
• DomaCom Limited, was formally admitted to the official list of the ASX during November 2016.

From DomaCom signing on with Prodigy Network, the company believes that Australia is slowly recognising the power and popularity of crowdfunding along with the opportunities that this can provide for investors. A comment from Prodigy’s Vice President of Client Relations,Leonard Chinchay, said ““We are excited to be working with such strong senior management who share our common views on democratising
real estate. We think partnering with DomaCom makes a lot of sense given their strong reputation and scalable distribution network in APAC”.