Following the launch of Swiss-Crowd, entrepreneur Augusto Vecchi has announced the launch of Italy-Crowd: a real estate crowdfunding platform for Italy. Italy-Crowd, operating out of the same offices in Switzerland, is the first real estate crowdfunding site targeting the Italian market.
In a recent article published by il Sole 24 Ore, Italy-Crowd is described as a hybrid platform as the Italian crowdfunding regulations, Consob, are not accommodating for real estate sites as it is too restrictive and targets only startups. The article notes the rise within the United States of platforms such as Prodigy Network, Fundrise and Crowdstreet but Italy has not experienced the same type of growth. Italy-Crowd hopes to change this with a platform that acts more as a “shop window” but will not collect or transfer any funds. At the end of a crowdfunding round a meeting will be convened to connect investors and property owners, along with professionals necessary to complete the transaction – and final details will be hammered out.
Vecchi described Italy-Crowd as;
The Sarzana Marina is listed at EUR 18 million. Alongside the marina on the Ligurian coast is a farmhouse in Tuscany for EUR 2.7 million and a future apartment complex in the ski resort of Cormayeur for EUR 13 million.