Dallas-based investment proptech platform Nada has appointed current board member Tore Steen as its new CEO and president. Nada also announced that it has secured new funding in a seed extension led by repeat investors LiveOak Ventures and 7BC Capital.
“Since Nada’s founding in late 2018, our mission has been to unlock the trapped wealth within residential real estate,” said John Green, Nada’s co-founder and current CEO, who will transition to the role of chief operating officer.
John Green
“With the success of our Cityfunds and Homeshares products, we’re now in the best position to achieve this mission and grow,” Green added in a statement. “Tore’s character, proven track record, and unique expertise make him the perfect leader to guide us through this next phase. I’m thrilled to announce Tore as Nada’s next CEO and to partner with him on the future of Nada.”
Last year, Dallas Innovates told you about Green and Nada’s mission to make the home equity market more accessible. Also in 2023, Nada was a semifinalist when Venture Dallas named its first-ever Startup of the Year winners at its fourth annual conference.
Bridging homeowners and investors through home equity
Nada’s platform bridges homeowners and investors through home equity. The company said it provides homeowners with immediate liquidity without the burden of additional debt or monthly payments.
In exchange for upfront cash, homeowners grant Nada a fraction of their home’s future equity, which becomes the primary asset owned by Cityfunds. That creates opportunities for investors while providing liquidity to homeowners, fostering a mutually beneficial relationship to build and preserve wealth through home equity, Nada said.
Experienced proptech entrepreneur
The company said that Steen brings more than a decade of experience in the real estate tech investment sector. As co-founder and CEO of CrowdStreet, the largest online real estate investment platform in the U.S., Steen led the company to more than $4 billion in equity investments by 2021 and was recognized as a top 50 Financial Technology CEO.
“I’m excited to join the Nada team and build upon their early success in launching new innovative private real estate investment products like Cityfunds,” Steen said in a statement. “I look forward to the growth potential as we educate individual investors about the huge benefits these direct home equity investment opportunities can bring to their portfolios.”
Krishna Srinivasan, board member and founding partner of LiveOak Ventures, said he was excited to work with Steen and Green “to scale the company and build a market leader in the intersection of retail investing and proptech.”
“John and the team at Nada have successfully built out the complex and innovative infrastructure to deliver Cityfunds to retail investors and home equity investments to homeowners, which have already shown impressive traction and growth,” Srinivasan said. “Tore Steen complements this early success, given his background as a strong operator who has previously built at-scale businesses in an incredibly relevant domain.”
Nada is an alternative asset investment and finance platform, with a mission of making the $30 trillion home equity market accessible to individual investors and homeowners.
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