eLocations looks to become Trivago of commercial real estate

Swiss PropTech startup eLocations has announced the start of the pre-sale of its security token. The ICO aims to raise €50 million to re-invest into the venture’s real estate intelligence platform. The pre-sale phase will start on 22nd August, whilst the public sale of its eLOC coin is set to kick off at the end of 2018.

The company’s platform has data on around 100,000 stores, including information on more than 4,000 available shops at over 2,000 locations worldwide, which can be rented. It also offers a live data overlay, with news of over 37,000 new openings.

Did somebody say Airbnb?

Founder and CEO Marc C. Riebe comments: “This is a milestone event – not just for us, but for the whole sector as we are about to revolutionise commercial real estate just as Airbnb did in the residential property sector and Trivago in the travel industry. Buyers are recognising the seismic shifts in the commercial real estate sector – especially retail on the ground floors of prime locations- and seeing disruption approaching over the horizon. It’s time for them to get off the fence and seize the opportunity to become actively involved.”

“As first movers we’ve already attracted significant attention on our roadshow, as well as several commitments for substantial investment that reassured us that an ICO was the correct course of action. The ICO funds raised will ensure that eLocations is sufficiently resourced to grow its eLocations.com platform and ultimately to leverage blockchain technology – reducing the delays and mistakes that can hinder the wider real estate market today.”

Dan Innes, Co-Founder and CMO of eLocations, adds: “We tested the water with our business model, attending dozens of PropTech and blockchain events around the world and pitching to thousands of industry professionals including sceptics from within the conventional real estate market where there is little to no visibility. We answered their questions, and feedback from investors has been unanimously positive – not only about our initiative but also the token sale.”

The eLocations.com listing platform is expected to reach its full operational potential next year, when the company will go on to launch a Utility Payment Token Token (LCN) which will allow the holder to purchase a host of services including premium listings, street maps, rent comparisons, ‘oracle’ data and reports. Ultimately, properties themselves will be leased, bought and sold using the LCN token.