Prague crowdfunding-driven real estate development platform Upvest acquired by Komerční banka

Not to be confused with its Berlin fintech namesake, Prague-based Upvest helps investors invest in the real estate sector in the form of debt financing, with longtime backer Komerční banka, or at least 96 Acquired by %. Its. His remaining 4% of the company was put on lockdown and split between original shareholders, his CEO David Musil, CTO Petr Volný, and partner Jan Holásek Senator (yes, Senator of the Czech Republic). ), Petr Malik.

Both parties declined to comment on the exact amount and terms of the deal, but Patrik Nový, director of KB SmartSolutions, a division of Komerční banka, and Upvest’s first investor, told CzechCrunch that the transaction would include is the founders Volný and Musir. “This transaction has a multi-year settlement and a structure that allows all key parties – founders, KB, Upvest employees – to be highly motivated towards maximum growth of the startup. It contains.”

Founded in 2017, Upvest provides real estate developers with an external source of funding, allowing individuals to make smaller investments than the industry standard. Simply put, it is crowdfunding for the development of real estate projects.

Jizzy Puzibil, David Musir, Patrick Novy, Petr Volny

Komerční banka, which acquired an 18.9% stake in the company for around €570,000 (at current market rates) in July 2020, saw such potential and business created by Upvest’s service offerings and decided to invest in the company in a year’s time. We later increased this number to 31.06%. And a year later, the group seems to have grown up wearing milk pouring glasses and bought a whole cow.

If you’re good with numbers, keep an eye out for €570,000 at the 2020 rate of 18.9%. Say no more

“Upvest’s majority acquisition is a major step towards realizing Kommerchny Banka’s vision of developing collaborations with innovative fintechs and start-ups,” commented David Formánek of Kommerchny Banka. “Our goal is to go beyond just providing banking services. One of the services we are focusing on in our portfolio is crowdfunding. We are very pleased to confirm some of the key points that made us decide to enter this segment.”

Upvest CEO David Musil added: Upvest will be specialized and further developed under a leading Czech bank belonging to the Societe Generale Group. “

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