Nada, an investment tech platform that bridges homeowners and investors through home equity, announced the appointment of Tore Steen as its new Chief Executive Officer (CEO) and President. Steen – who has been serving on Nada’s Board of Directors and will assume his new role, guiding Nada’s mission to revolutionize real estate wealth. Nada has also secured new funding as a seed extension led by repeat investors LiveOak Ventures and 7BC Venture Capital.
Nada offers homeowners immediate liquidity without the burden of additional debt or monthly payments. In exchange for this upfront cash, homeowners grant Nada a fraction of their home’s future equity – which becomes the primary asset owned by Cityfunds. And this creates opportunities for investors while providing liquidity to homeowners, fostering a mutually beneficial relationship to build and preserve wealth through home equity.
Steen offers over a decade of experience in the real estate tech investment sector. And as co-founder and CEO of CrowdStreet, the largest online real estate investment platform in the US, he led the company to over $4 billion in equity investments by 2021 and was recognized as a top 50 Financial Technology CEO.
KEY QUOTES:
“Since Nada’s founding in late 2018, our mission has been to unlock the trapped wealth within residential real estate. With the success of our Cityfunds and Homeshares products, we are now in the best position to achieve this mission and grow. Tore’s character, proven track record, and unique expertise make him the perfect leader to guide us through this next phase. I am thrilled to announce Tore as Nada’s next CEO and to partner with him on the future of Nada.”
- John Green, Nada’s Co-founder and current CEO – who will transition to the role of Chief Operating Officer (COO).
“I am excited to join the Nada team and build upon their early success in launching new innovative private real estate investment products like Cityfunds. 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.”
- Tore Steen, Nada’s new CEO
“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. 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. I am excited to work with Tore in his new leadership role and with John to scale the company and build a market leader in the intersection of retail investing and proptech.”
- Krishna Srinivasan, board member and founding partner of LiveOak Ventures
