Buffalo-based startup Common Owner (CommonOwner.com) hit a major milestone this month with the successful completion of a raise in New York City this week, passing the $1 million mark for capital raised on their funding platform. Common Owner, a FINRA and SEC registered portal capable of hosting Title III (Regulation Crowdfunding) hit the mark from just three successful raises, the most recent of which, $652,000 raised for a senior living project in Brooklyn, was also their largest.
“We’re very excited about hitting this milestone,” Jacob Walsh, Director of Operations at Common Owner. “After months of grinding out our [FINRA and SEC] approvals, it’s great to demonstrate how Reg CF can be a game changer for real estate development.”
The company, founded in Buffalo in 2020, is the brainchild of real estate attorney Richard Rogers, who along with colleagues from the real estate world, partnered with Julian Anjorin, Jacob Walsh, and Mitch Skomra to build out the website and protocols. The portal is capable of hosting 506c (open only to accredited investors) and Reg CF raises (open to almost every investor).
“Equity crowdfunding takes the user experience of donation based portals like Kickstarter and GoFundMe, but combines it with the financial upside of being an actual owner of what you’re contributing to.” Julian Anjorin, Co-Founder of Common Owner. “People want to be part of businesses and projects happening in their communities, and this tool allows companies and developers to get literal “buy-in” from their neighbors.”
“Our project would not have been possible without the capital we raised through Common Owner,” Jason Yots, one of the developers leading the rehabilitation of the former Record Theatre building on Main Street near Canisius. “The Monroe Building,” as the project is called, raised $440,000 on Common Owner in 2022. “After the pandemic stalled out our project, being able to market our investment to accredited investors all over the country through a 506c raise was essential to getting under construction.”
The most recent raise by India Home, a non-profit organization dedicated to addressing the needs of the Indian and larger South Asian senior immigrant community in New York City, was for development costs towards a first-of-its-kind adult assisted living facility with enriched housing located at 87-86 153rd Street, Jamaica, NY 11432.
“I had a pleasant experience raising funding on the Common Owner platform for India Home,” said Dr. Vasundhara Kalasapudi, Executive Director of India Home. Since it was our first time using regulation crowdfunding there was a learning curve, but the Common Owner team went the extra mile to help us comfortably navigate the process.
They met with our board members and staff to explain everything, and are quick to respond to our emails. I have already recommended the Common Owner platform to other non-profit organizations to engage their members and donors to invest as both accredited and non accredited investors."
“India Home is exactly the type of issuer we hoped would use Common Owner,” Richard Rogers, President of Common Owner. “In today’s financial climate, with rising interest rates and construction costs, compelling community development like what India Home has planned needs creative solutions to get their deals done. Regulation Crowdfunding allows them to turn their donors into partners on their project.”
“It’s been a great year, and we’re really proud of what we accomplished as a completely boot-strapped startup here in Buffalo,” Walsh said, “That said, we’re looking forward to 2023 and the next million raised in half the time.”
Common Owner, though based in Buffalo, accepts applications for listing and investment from all over the United States. To see what projects they have live and upcoming, check out CommonOwner.com and create a login to receive emailed updates about investment opportunities in the future.