Startup ELocations.com, which is based in the Swiss Crypto Valley, has successfully closed its seed funding round of 1 million Swiss francs ($1 million U.S.) from a group of independent, private global investors.
ELocations.com is a global proptech startup that aims to bring the world’s prime retail locations, like Bahnhofstrasse, New Bond Street, 5th Avenue and Canton Road, to the blockchain.
In a press statement, CEO and founder Marc-Christian Riebe (LinkedIn profile) said, “We welcome many of the successful and highly experienced investors joining our mission to democratize the commercial real estate sector. Our absolute focus is to free-up this incredible industry and allow it to reach its true potential through blockchain technology.”
ELocations hopes to bring greater transparency to the commercial real estate sector. It wants to simplify leasing, management and buying decisions in what it describes as a particularly “opaque” market in real estate.
The startup has attracted domestic and international private investors. They include an Austrian entrepreneur who runs a €100 million shopping center-related business; an investor from a leading U.S. investment bank; and a Swiss c-suite businessman, with a retail and brand management background.
The platform will look to disrupt the conventional listings sector by presenting clear, concise data sets, and by reducing unnecessary and time-consuming bureaucracy.
Through the use of blockchain technology, ELocations forecasts considerable financial savings compared to traditional “prohibitively expensive” contract management costs. In this new approach, contract documents that are paper-based, as well as centralized property listings, will be handled via an ELoctions Smart Contract.