New York-based commercial real estate securities marketplace available to retail investors raised $4 million in Series Seed funding form Greycroft and Thor Equities.
Blackstone Group Inc. and other asset managers have raised billions of dollars through the sale of private real-estate investment trusts. And Cadre, a fintech startup co-founded by Jared Kushner, President Trump’s son-in-law, offers clients commercial-property investments of at least $50,000. YieldStreet Inc. and Artivest Holdings Inc. are other platforms seeking to sell alternatives to wealthy individuals. Mr. Sterrett said the idea behind Lex emerged one late night in 2017, when his brother Dean called him at the office seeking investment advice. Dean, 22 at the time, lamented to Drew, who was 24, that as unaccredited investors they couldn’t own real-estate properties directly, he said. The brothers founded Lex in July 2017.