Despite $15 million in investments and 40 employees, commercial real estate loan crowdfunding website AssetAvenue of Los Angeles announced today it has joined real estate accelerator Reach.
The Reach accelerator program is backed by the National Association of Realtors and AssetAvenue wants to be introduced to the trade group’s 1 million members, including 400,000 real estate brokers.
“I wouldn’t view it in the typical fashion of a startup at an accelerator that is trying to figure out their business plan and business model,” said Chief Executive David Manshoory. “What Reach provides us is their marketing horsepower.”
Though Reach is located in Chicago, AssetAvenue will remain headquartered in Los Angeles and will periodically send representatives to the accelerator. Some staff will travel elsewhere to be introduced to real estate executives.
Reach also provides access to 2,500 NAR members who will test and give feedback on products and marketing materials for AssetAvenue.
For the privilege of meeting its members, the NAR is taking a small, undisclosed equity stake in AssetAvenue, Manshoory said.
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