# Nada

Investment platform unlocking the $30T+ home equity market for investors & homeowners

- Canonical URL: https://wefunder.com/nada
- Entity ID: wefunder:company:103658
- Last updated: 2026-06-16T05:02:43Z
- Generated at: 2026-06-16T08:50:40Z

## Quick facts
- Fintech platform unlocking the $30T+ home equity market for Homeowners & Investors
- $10M+ raised from VCs (LiveOak Ventures, Revolution, 7BC, Capital Factory) and 3k+ individuals
- Released "Cityfund", a series of SEC-qualified city-specific home equity portfolios for investors
- 20k+ investors with investments in 150+ properties across 7 major markets
- Winner of 2023 Best Alternative Investment Platform by Benzinga
- Released "Homeshares" a new way for homeowners to cash out equity without adding debt
- Released "Cityfunds by Nada" app to Web, iOS, & Google

## Active fundraises
- wefunder:fundraise:55180: 4(a)(6) successful (USD)
- wefunder:fundraise:86178: 4(a)(6) successful (USD)

## Story
Nada is backed by institutional VCs as well as over 3k individuals. We have previously raised over $10M in venture equity capital from LiveOak Venture Partners, Revolution, Capital Factory, 7BC, Visa, Sweater, and many others. The Homeowner Liquidity ProblemToday's economy is challenging. With rising interest rates and dangerous inflation levels, homeowners face major hurdles to maintaining their financial stability and security. Yet, 68% of American family wealth is trapped in home equity - that's over $30 trillion that is inaccessible due to an antiquated financial system.Historically, homeowners had only two options to access this equity:(1) sell the home and move out of their largest asset or (2) take on the burden of extra debt with a refinance or a home equity loan A Massive OpportunityHome Equity Investments ("HEI"s) have emerged as the next major product for Homeowners and Investors.Better for Homeowners:Provides debt-free access to cash-out home equityNo monthly payments or interest ratesNo restrictions on use of funds and no credit impactOwnership and majority equity upside retainedBetter for Investors:Provides access to the untapped home equity marketMore efficient & diversified than rental or flip asset typesNo property ownership or management risksPresent attractive and downside-protected returns: 14%+ net IRRsMost real estate investment products provide exposure to commercial real estate and only a few focus on single-family, primarily as rentals. However, there are no real estate investment products that provide investors with access to this $30T+ home equity sector. What is an HEI?HEIs are lien-secured agreements where homeowners receive cash upfront in exchange for a share of their home's future value.The Nada PlatformNada's unique model addresses this two-sided problem with a single platform designed to unlock the home equity market for both homeowners and real estate investors: Nada originates HEIs, called "Homeshares" for HomeownersNada created HEI investment products called "Cityfunds" for InvestorsWe bring investors and homeowners together to build and preserve wealth through home equity. Cityfunds Nada's Cityfunds product has created an entirely new way to own residential real estate in the best cities across the US. Cityfunds were inspired by the transformation we saw in the equities market with thematic ETFs. We recognized the opportunity to deliver this type of thematic and targeted exposure to the largest asset class in the world -- real estate.Thematic: Targeted exposure to a single city's home equity marketDiversified: Capital efficient assets (HEIs) Accessible: SEC-Qualified for all investors, accredited or notLiquid: Investors can redeem or trade shares directly on the Nada platform*See Cityfunds I, LLC offering circular here for complete details on the Secondary Trading Platform.Homeshares (use cases)Today, nearly all of our homeowner customers are cashing out their home equity to invest back into their homes.Business ModelHow it worksInvestor capital is pooled in Cityfunds, then invested in HEI Originations for HomeownersHomeowners pay off HEIs by selling their home or buying back their equity, generating returns for InvestorsInvested capital is returned from HEI payoffs and then recycled to fund new HEI OriginationsWe Unlocked Millions in Home Equity for Homeowners & InvestorsIn our first year as an SEC-Qualified investment platform, we grew our home equity AUM to over $10M, helped 150 families access their trapped equity, and saw 20k+ individual investors join our platform.We established strong homeowner affiliate channel partners that can scale with us. We won Best Alternative Investment Platform of 2023 From the Benzinga 2023 AwardsPMF Established in 2023, Now We are Ready to ScaleIn late 2022, we executed a full pivot to focus exclusively on Cityfunds and Homeshares as our core revenue. In 2023, we grew this revenue by 3X from Q1-2023 to Q4-2023. Today, we have achieved product-market fit and are ready to scale. *2023 unaudited non-GAAP based on management report; 2024 and 2025 are projections. Forward-looking projections cannot be guaranteedWith Strong Unit Economics94% Gross Margin on Recurring-like RevenueUnit economics on a $60k Homeshare sold to a Cityfund, held for 5 years until a payoff eventCityfunds are evergreen, enabling investor capital to be recycled, creating recurring-like revenue By year 5, our LTV to CAC reaches 5x unleveraged and 9x with leverage (40%)LTV = Lifetime Value is Gross Profit realized over a 5-year period (revenue minus cost of goods/sales)CAC = Customer Acquisition Cost (marketing costs to acquire homeowner customers & Cityfunds investments)Forward-looking projections cannot be guaranteed.Built the First App for Investing in Home EquityWe built the first web & mobile app for investing in HEIs--making investing in home equity as simple as stocks.The Cityfunds by Nada App is available now to anyone:Create an Account on WebDownload for Apple App StoreDownload for Google Play StoreBuilt Compliant & SustainableTeam with Years of Domain ExperienceWe have five new Cityfunds launching in early 2024 and more planned for the year. Clear Path to $100M+ Annual Revenue

## FAQ
1. **Hello Nada, I have been waiting for this crowdfund round with excitement as soon as you announced it. However, it is bittersweet when it seems like you will be offering yet again to us -crowdfund investors- another SAFE... It is a especially difficult pill to swallow when you ...**
   - Hi Miguel -- We appreciate you as an early investor and are excited to have shared our valuation growth with you already. The priced equity round from June 2022 was oversubscribed, so we extended a post-closing SAFE which allowed for more VCs and syndicates to invest. This latest SAFE is the same we are now extending to you. Lastly, the Crowd SAFE decision in relation to our 2022 priced equity raise was administrative only and had no economic impact on any of the Crowd SAFE investments. Hope ...
2. **Love the concept. How do you bring returns for users on the app? If one of the way is dividends, when do you plan on getting those to users invested in on a cityfund that has increased in value. I have put a little bit of money into a city fund to see if I like it and I liked ...**
   - Hello Garrett! Thanks for your early support and I'm happy to hear about your Cityfund participation. In the near term, Cityfunds investors will be able to take advantage of redemption windows that will be announced this year. We haven't declared any dividends to date, but we may in the future if conditions are right. In the slightly longer term we have partnered with a secondary trading platform and you'll see more news on that as well through the app. As for the early bird bonus, the terms ...
3. **Is there a minimum investment amount required to qualify for the free $100 in city fund shares as an early bird perk? Thanks!**
   - Hello Nathan! Thanks for being here early and for for being part of the community. The $100 Early Bird Bonus has terms and conditions attached for a minimum of $1000 invested early. - SB
4. **Where is the details financial? Is the company profitable? What is the last round valuation? Is Denver city fund opening soon? Any properties including rental property are eligible for homeshares?**
   - Thanks for being here Minh, great to see you following our progress. Much of the information you are interested in gets released on Launch day here at Wefunder you'll look for that Form C. Denver is on the Roadmap and we do have opportunities for some investment property Homeshares. I'll connect with you directly on those homes!
5. **Is the customer money invested in nada app separated from the company asset? What happened to those money if the company go bankrupt? Also, can you give us the estimate when trading will be lived?**
   - Hi Minh! Great to see you made it hear to the Wefunder page! Yes, this raise is for Nada Holdings, Inc., not the Cityfunds offering which allow you to co-invest in real estate on the app. This a chance to invest in the company that facilitates the buying and selling of equity. We manage Cityfunds, Homeshares and the Wealthtech platform that bridges those 2 audiences. There are no co-mingled funds between the groups and Cityfunds continues in existence with their current management agreement i...

## Team
- John Green (Co-founder & COO)
- Mauricio Delgado (Co-founder & CFO)
- Sundance Brennan (VP, Revenue)
- Jesse Stein (Director)
- Michael McGrail (VP, Product)
- Justin Wang (VP, Capital Markets)
- Ethan Blumenthal (VP, Engineering)
- Jeremy Males (VP, Investments and Broker)
- Brent Hodges (Director, Legal & Compliance)

## Recent posts
- 1 hour left to invest (2024-04-30T02:30:19Z)
- Only a few hours left! (Nada offering ends tonight) (2024-04-29T21:15:25Z)
- Last day to invest (2024-04-28T22:17:26Z)
- Last chance to invest in Nada (less than 1 week) (2024-04-24T19:51:08Z)
- Only a few days left to invest (2024-04-17T21:32:23Z)
- Nada investment rated as a top deal by Pitchbook & Kingscrowd (2024-03-20T01:30:32Z)
- YoY Growth and New Board Member (2024-02-08T00:28:29Z)
- Live offering (2024-01-13T18:07:07Z)

## Q&A
- Q: Hello, interesting concept. 1. Are there any competitors doing home equity investments (HEI)? 2. On the homeowner side, are homeowners required to have a repay date? For example, if they "never" refi or sale, could the investment be locked up indefinitely? (Similar to reverse mortgages, only with lump sums vs monthly payments.) Or do they have to repay in 10 years, regardless of refi or sale trigger event? 3. If they have to repay in max 10-years, aren't HEI products more like a "payday lending or loan shark" because if the person does intend to stay in the home indefinitely, then they will have to refinance for 2-3x what they borrowed. Which puts them in a worse financial situation than they started. 4. Your form C financials do NOT list Cityfunds, Homeshares, or Wealthtech as subsidiaries, but your pitch deck implies a relationship. 4A: Can you please clarify the relationship between the four companies? 4B: Are they both a separate entity and with a different management team? 4C: If so, what's to stop those entities from cutting Nada out of the deal? 4D: So Nada's revenue are the fees charged to Homeshares and Cityfunds? 4E: So is Nada defacto like a mortgage broker that connects buyers (from Homeshares) and lenders (from Cityfunds), specializing in HEI? 4F: What do you mean by Nada is "a Wealthtech" platform?
  - A: Hi LD -- Thanks for the questions -- see below: (1) There are a few other HEI originators, and each has a few product variations (Unison, Point, Unlock) (2) Yes, the instrument has a 10-year term (3) I am not sure I fully understand your question. The collateral is the equity in their home, which can be accessed to repay the HEI at the end of term via cash-out refinance, not only a sale. Separately, in practice, we will always consider a new HEI to extend the current if the property remains in quality condition. (4) Cityfunds and Homeshares are products and only product names for simplicity and readability purposes. Each has been created by, is controlled by, and is fully managed by a Nada entity. Wealthteach (wealth technology) is only a category, like FinTech (financial technology). Best, JG
- Q: Hello Nada, I have been waiting for this crowdfund round with excitement as soon as you announced it. However, it is bittersweet when it seems like you will be offering yet again to us -crowdfund investors- another SAFE... It is a especially difficult pill to swallow when you had a private $5million round where you didn't trigger the conversion of Republic's SAFEs. If we helped Nada to become what it is now, when will we be able to have actual shares? Best regards, Miguel Costa
  - A: Hi Miguel -- We appreciate you as an early investor and are excited to have shared our valuation growth with you already. The priced equity round from June 2022 was oversubscribed, so we extended a post-closing SAFE which allowed for more VCs and syndicates to invest. This latest SAFE is the same we are now extending to you. Lastly, the Crowd SAFE decision in relation to our 2022 priced equity raise was administrative only and had no economic impact on any of the Crowd SAFE investments. Hope this helps. JG
- Q: Glad to see Nada back for another raise. I invested in a prior round on Republic, and I've been a fan of what homeshares and cityfunds mean for homeowners and investors alike. Q1) I was hoping you could clarify some comments in the form C. Nada saw a modest revenue increase YOY from 2021 to 2011. Over the last 3 months, revenues have averaged $63.6K. However, the company is projecting revenue of $164K over the next 3 months. Also the company intends to reach profitability in 12 months. What exactly is contributing to this sharp improvement? A large number of Reg CF companies have raised funds and shortly after run out of money. I understand you can't provide projections; however, I'm hoping you can provide some rationale or examples for why you believe the financials may see a rapid improvement. Q2) For Nada to be successful, it's my opinion that Nada needs investor funds to match homeowner's demand for homeshares. How does this equation look currently? Are investors funding all of the available homeshares or is there a backlog of homeshares waiting on funding? I think it's a tall challenge to find enough individual investors (cheaply) to fund these homeshares $100 at a time. Do you have any large institutional investors that can write 7-8 figure checks to fund homeshares? Can you talk about the mix of investors currently? Q3) During the Republic raise, I recall Nada's mission being to charge nothing for a real estate commission. It seems that Nada has pivoted to Cityfunds/Homeshares as that is where Nada found success. Would you say this is accurate? Is Nada still in the real estate brokerage business? If so, roughly what % of revenue does that represent? Thanks for your time, and I hope Nada becomes crazy successful!
  - A: Hi Nathan -- It's great to hear from you and thank you for your initial support on Republic. Q1) We decided to fully pivot into 100% focus on revenue from Cityfunds and Homeshares near the end of 2022 forward. Meaning we had less revenue from any realty brokerage and title/settlement services in 2023. However, our core revenue from Cityfunds and Homeshares increased by 168% (2.7x) YoY. I will break down these revenue channels from a $1 invested point of view. We generate revenue from the deployment of Cityfunds capital into Homeshares and from the management of Cityfunds capital. Over the last 5-6 months we averaged... (i) $0.15 in revenue for every $1 invested into a Cityfund (ii) 89% gross margins on this same revenue, so $0.134 in gross profit per $1 (iii) ($0.05) was spent in marketing per $1 invested (includes market costs to acquire new investors and new homeowners) (iv) $0.082 was our contribution profit (Rev - COGS = GP; GP - Marketing = CP) Said differently, our Gross Profit "GP" to Customer Acquisition Costs "CAC" ratio has been 2.58x by month 1 of capital being deployed. This ratio improves over time as we earn recurring revenue from the management of the capital and we re-invest the same principal capital into a new Homeshare upon the payoff of an existing one. We exited 2023 with $1.12mm being raised /mo. Presuming we hold at this rate and continue the same performance metrics above, we are trending to generate $168k /mo. With any further incremental growth, we can achieve profitability due to these factors. Lastly, please note that before opening this public allocation, we closed just over $1mm from existing investors on these same terms in December. Specifically, LiveOak Venture Partners and 7BC Ventures re-invested this round. Q2) We do typically carry a Homeshares pipeline slightly more than the average amount of capital raised in Cityfunds. We agree with you, it would be relatively easy for us to ramp Homeshares volume to $5mm --> $10mm --> $25mm /mo based on the homeowner and affiliate demand. Nearly 60% of the total $ invested into Cityfunds is from accredited investors, whose average $ invested is $23,470... we allow for accessibility with lower minimums; however, our investment product strategy is to achieve higher per $ invested averages. Additionally, we will be closing on a warehouse and fund leverage credit facilities to drastically increase our total capital available to invest in Homeshares. We intend to grow Homeshares volume to $100mm by EOY and we are exploring liquidity through securitization as well. Q3) Yes, we are. I believe this question is answered above.
- Q: I seen the company activity in my inbox as it relates to properties for investment. How is the company doing? What's the 2026 plan? Is there an investor channel that I can join?
- Q: Any recent updates? I see from my account page that Nada branding is gone, and that you now are called Homeshares. I see my portfolio is still listed, but the CityFunds offering seems to be replaced with an accredited-only investor option as the sole investment choice. This seems like a huge shift in focus & mission for the company.
- Q: Greetings, I really like the concept behind Nada and I'm considering investing both in Nada as a company and into CityShares. I do have a question regarding the HomeShares component of Nada. As I understand it, a homeowner can reach out to Nada and offer some of the equity in their home to Nada. Nada values the home, then pays a market rate (minus fees) to the homeowner for a stake in the home. It is not ownership of the home, but an entitlement to some future lump sum based on Nada's pro rata equity share of the home's market value, either at the end of the term, the home's sale, or should the homeowner choose to buy back the equity early. Here's what I'm not 100% clear on. Does Nada have exposure to downswings in a home's market value? As it's not a traditional debt with a fixed principal and whereby payments of principal + interest are made on a recurring basis by the homeowner, it's not 100% clear to me that there would be a floor/minimum that the homeowner would have to pay back to Nada... and so Nada might be purchasing equity at a market high and a homeowner could buy back the equity stake at a lower value, essentially shorting a share of their own home (or hedging if one prefers). A FAQ on Nada's website, titled "How long is a Homeshare agreement?" has the following answer: "The Nada Homeshare agreements are good for 10 years. At any point during those 10 years you can opt to buy back that equity in your home at current market pricing." "Current market pricing" suggests that Nada is subject to losses if a homeowner opts to buy back the equity in a housing market which values the home lower than at the point Nada co-invested. While it's not unreasonable to assume over the long run that homes and their land will appreciate, given the power to buyback is in the hands of the homeowner, Nada seems to be at the mercy of the market... Unless the contract includes language that requires the homeowner pay back a minimum amount, presumably the original purchase price, regardless of market value. If this is the case, I'd request that the FAQ mentioned above be updated to be more clear... or even add another FAQ that describes different scenarios and what the homeowner would be required to pay back to Nada under various circumstances. Again, I appreciate the concept. Thank you.
  - A: Hi Pete -- Great to see you're considering investing in both offerings and thank you for the questions. Homeshare instruments are structured to provide significant downside protection -- each home equity investment we make (i) has a 10% to 15% risk-based discount applied to the home's appraised/AVM value; (ii) has exchange rates built into the term of that accelerate our equity position in the home over time; and (iii) our agreements grants us rights to be party to any sale, ensuring we have the option to contest below market valuations. Current HEI pricing, for example, would result in an unlevered 8.3% IRR if the home value changed 0% over 5 years, and ~5% if the home value changed 0% over the full 10-year term. Clearly these scenarios are not likely, land values have consistently appreciated year-over-year; however, this is a simple way to demonstrate how the instrument holds value in a down or flat market. Lastly, I'll add that each agreement also grants us rights to order a full field appraisal and/or to contest any market valuation that is not truly independent and in line with the market. I hope this helps. Thanks again.
- Q: Love the concept. How do you bring returns for users on the app? If one of the way is dividends, when do you plan on getting those to users invested in on a cityfund that has increased in value. I have put a little bit of money into a city fund to see if I like it and I liked the increases in value this month. However, I’m not 100% on how we receive returns (and when). For the early bird bonus, how much do we need to invest to get some free shares?
  - A: Hello Garrett! Thanks for your early support and I'm happy to hear about your Cityfund participation. In the near term, Cityfunds investors will be able to take advantage of redemption windows that will be announced this year. We haven't declared any dividends to date, but we may in the future if conditions are right. In the slightly longer term we have partnered with a secondary trading platform and you'll see more news on that as well through the app. As for the early bird bonus, the terms and conditions will be a minimum of $1,000 to take part in that offering. Thanks for being part of the community! - SB
- Q: Hi John, If the End Hedge Fund Control of American Homes Act becomes law, will this have an affect on City Funds and the strategy of City Funds? Thank you, Glenn
  - A: Hi Glenn, This Act could significantly increase institutional demand for our product. The Home Equity Investment via a 2nd lien model doesn't take ownership of a home and as such wouldn't count against the 100 property cap imposed by the proposal. Our product is designed to keep homeowners in their home and increase private home ownership, and could divert institutional money away from owning and operating rental units. I hope that helps!
- Q: Hi! I have a couple of questions. 1. What are you doing different than your competitors? How does the company compare with it's competition? 2. In this market, what is the greatest challenge? 3. Can you expand on your unfair advantage or moat? Any IP or patents? 4. At what rate you see the company revenue growing in the next 5 years? Can you give us the future potential revenue for Nada, considering how big the market is? 5. We want to make money. What is your exit strategy? 6. Can you keep us informed about the good, the bad, and the ugly, on a regular basis? Many startups fail with basic investors communication. Thank you.
  - A: Hi Manual -- Thank you for posting these questions. 1) This is captured on the campaign page if you have specific questions, let me know 2) Capital markets 3) Similar to my response to 1., our model is unique in design (two-sided marketplace) and it's functional construct 4) We operate within a $32 trillion market, and the revenue growth potential is substantial. I would rather not throw out a wild 5-year forecast to avoid misleading anyone and in consideration of Reg CF compliance -- best to refer to the campaign page 5) IPO or strategic acquisition 6) Yes best
- Q: Is the customer money invested in nada app separated from the company asset? What happened to those money if the company go bankrupt? Also, can you give us the estimate when trading will be lived?
  - A: Hi Minh! Great to see you made it hear to the Wefunder page! Yes, this raise is for Nada Holdings, Inc., not the Cityfunds offering which allow you to co-invest in real estate on the app. This a chance to invest in the company that facilitates the buying and selling of equity. We manage Cityfunds, Homeshares and the Wealthtech platform that bridges those 2 audiences. There are no co-mingled funds between the groups and Cityfunds continues in existence with their current management agreement independent of any Nada activities. -SB
- Q: Where is the details financial? Is the company profitable? What is the last round valuation? Is Denver city fund opening soon? Any properties including rental property are eligible for homeshares?
  - A: Thanks for being here Minh, great to see you following our progress. Much of the information you are interested in gets released on Launch day here at Wefunder you'll look for that Form C. Denver is on the Roadmap and we do have opportunities for some investment property Homeshares. I'll connect with you directly on those homes!
- Q: John, I invested a small amount in the NADA IPO around Feb 15, 2024. I understand that NADA represents a long term investment, but where can I see the value of investment - how its performing, if any dividends are paid and how will they (dividends) reach me? Is there any possibility to be able to see NADA IPO investment value in the NADA App (where I can see the value of investments in Cityfunds - DENVER, LA, Austin....). Please advise. Thanks.
  - A: Hello Atul! Thanks for being an early investor in Nada. The SAFE notes issued on Wefunder haven't converted yet, but you'll be alerted when we have a trigger event like an IPO, merger or acquisition. Since Nada isn't traded anywhere there isn't a market price to update but we have had a few requests to include it somehow on the app and are giving that some consideration. So far 2024 has been an exciting year for us here and I believe our momentum will continue for a long time!
- Q: John, I like the products and have clarifying questions: 1. I am a bit confused regarding revenue flow. If the multiple products/ LLCs each have separate profit channels, then what revenue flows from the products/LLCs to Nada? How does the Nada platform create revenue? Is your answer to Nathan the answer? Is the Net profit to Nada the $.082 out of $1 or is that what goes to the separate funds? 2. I understand market size for the loans, but what is the market size for tech platforms in the home loan business?
  - A: Hi Carol -- Thanks for the support and questions. (1) All revenue referenced flows to Nada Holdings, Inc. (the company you would be investing in). Yes, my response to Nathan also referred to Nada Holdings, Inc. revenue only. (2) Nada provides homeowners with a home equity finance product that is primarily used for two use cases: (i) Home Improvement, which has an estimated TAM of ~$1T, and (ii) Debt relief, which has an estimated TAM of ~$2.3T. In addition, Nada offers alternative asset investment opportunities to investors, which is projected to reach $23.3T in size by 2027, according to Preqin. In summary, we offer a homeowner financial product to a total addressable market of $3.3T, and we provide an alternative investment product to investors in a market projected to reach $23.3T by 2027—very large markets with massive opportunities. I hope this helps.
- Q: Just so I understand, this investment of $250 is separate from the 3 different Cityfunds which I invested in through Republic and the Cityfund/Nada site? Each of those Cityfunds minimum investments are now $500 to start.
  - A: That's correct. This is an investment in Nada, the company that manages Cityfunds and originates Homeshares. Your existing Cityfunds investments are invested into real estate in those specific markets. I hope that helps!
- Q: Just so I understand, this investment of $250 is separate from the 3 different CityFunds which I invested in through Republic and the Cityfund site? Each of those CityFunds minimum investments are now $500 to start.
  - A: Hi C.T., Yes, this investment is separate from any investment in a Cityfund (a real estate fund). This is an opportunity to invest in the company that created Cityfunds (a private company).