We’ve had the opportunity to talk about real estate crowdfunding. And we describe it as the financing of projects related to real estate. However, when did everything start? Surprisingly, this Colombian graduate in economics did. He’s the creator of the first real estate crowdfunding platform in the world.

The Colombian creator of the first real estate crowdfunding platform

Real estate crowdfunding is a topic that we cover once in a past blog post. There, we explained that this method of financing was booming in Spain. But this information has fallen short before a new data. The existence of a Colombian entrepreneur who seems to have gone ahead before anyone else.

We’re talking about Rodrigo Niño, founder and current CEO of Prodigy Network. He was born in Colombia in 1969 and from an early age showed an interest in the business world. In 1994, he obtained a degree in Economics from the Universidad de los Andes in Bogotá. In the following years, he would begin to get involved in real estate business.

Rodrigo Niño Prodigy Network Founder
Rodrigo Niño, founder and CEO of Prodigy Network. The real estate firm that would become the first real estate crowdfunding platform in the world. Source: businessinsider.com

In 2003 he founded Prodigy Network, which started out as a real estate company. In subsequent years, he began to create networks of clients around the world. Receiving real estate projects from Miami, Dominican Republic, Panama, Mexico and New York.

In February 2010, a pseudo-firm called BD Promotores approached Niño’s company. With the intention of helping them build the first skyscraper in Bogotá, the BD Bacatá. However, Prodigy Network didn’t have enough credit due to an unexpected financial adjustment. So Niño decides to resort to crowdfunding.

Prodigy Network and its transformation to real estate crowdfunding

After the contact, Prodigy Network begins the official crowdfunding campaign for BD Bacatá. The campaign remained active for two years and in 2012, Rodrigo Niño decided to make a radical change to his company. Starting to create strategies to revamp his company and turn it into a real estate crowdfunding platform in the United States.

The arrival of the JOBS Act in this country and its Title II helps to consolidate this initiative. Since it allowed the use of crowdfunding to finance new businesses and ventures. According to the Prodigy Network website, they soon began their first crowdfunding campaign for the construction of AKA Wall Street.

AKA Wall Street Prodigy Network Company
The “AKA” is considered a extended-stay living brand that has hundreds of luxurious suites. Its construction was done, partly, through crowdfunding. Source: CityRealty

This was one of several other large-scale properties that would be built with the Prodigy Network. In 2013, the crowdfunding campaign for BD Bacatá culminated, which raised a total of $200 million. Becoming a world record in the area of ​​real estate crowdfunding.

One of the latests projects of greater importance for the company, is its fourth real estate crowdfunding campaign. Which is working on the financing of The Assemblage, another luxury property located in Manhattan, New York. But an even more interesting fact is that Rodrigo Niño is a melanoma cancer survivor.

Rodrigo Niño LSD Treatment
According to Metro, Rodrigo Niño would have been diagnosed with stage III melanoma cancer. But after participating in an ayahuasca ceremony in the Peruvian rainforest, his mental and physical health improved greatly. Source: Metro

Rodrigo Niño is still working on the construction and financing of The Assemblage. And now he is raising funds to investigate the use of psychedelic substances to cure terminally ill patients, addictions and depression. Proving that your business is going beyond real estate crowdfunding.

Thank you very much for reading this entry, we hope you liked it! If so, we invite you to share it on social networks with your friends. In that way, you share interesting content with them and help us reach further.

Related:  How To Create Strategic Alliances To Boost Your Crowdfunding Campaign

Another example of Latin American entrepreneurship!

Photograph used for the entry’s featured image by Juan Carlos Ramirez in Plastic Studio