There was a meeting of the minds with Zlotowitz, who also had a successful track record, having previously co-launched Eastern Union, one of the largest commercial real estate finance firms in the US.
“Fate brought me to Ira and some of that openness to explore. One thing led to another, and we were able to get together and figure out how to launch this thing,” added Schweitzer, who will serve as the firm’s chief product officer.
So far investors – more than 125 real estate professionals – have backed GPARENCY to the tune of $15 million – reportedly the largest seed round in the commercial space.
If that wasn’t enough, more than 50 individual banks and lending institutions have also signed on to the firm’s tech platform.
However, Schweitzer made it clear he was under no illusion about the scale of the task ahead. “Ideas are easy, execution is hard, so my priorities are about actually delivering and enabling the technology platform that supports that marketplace. We’re really fortunate, as we have some existing technology, but there’s a lot that needs to be built,” he revealed.