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November 9 in Chicago American Homeowner Preservation, Patch of Land, Peer Realty, CrowdFranchise, and Equity Roots announced their joint acquisition of Tycoon Real Estate. Tycoon gained notoriety earlier this year when the founder and former CEO was featured on an episode of “Shark Tank” on ABC. The episode is credited as bringing more awareness to real estate crowdfunding. Sadly, Tycoon’s episode didn’t turn out well for the company but did offer the industry the chance to inform the public about the heavily regulated field and how it can produce successful companies. No specific details were disclosed about the financial terms of the transaction other than to note that it was all cash.
The purchasing companies look forward to offer a new educational platform that will prove why the Sharks on the show were so wrong. Due to the approval of Title III of the JOBS Act, which opens crowdfunding to non-accredited investors, the timing of the deal is perfect and will allow nearly anyone to invest.
The announcement coming from Chicago is no surprise as it serves as a financial, technological, and commercial hub for the country. New and interesting business ideas are popping up all over the city including a grocery catering services that is being tested at local grocery stores like Expresso Inc. President of the company Majeed Ekbal is excited to offer these new services detailing that the company is catering to the convenience of the customer, even if that entails meeting them at their office to pick up their car keys and put the orders in the customers car for them. Ekbal, who hasn’t been in the business too long, is shopping his new business around looking for upscale customers. He has added to his business by offering to order grocery and specialty items from out of state and have them rapidly shipped via FedEx.
Ekbal currently operates in the Lincoln Park, Near North, and downtown areas. Ekbal has big plans for the company and is looking to extend the service areas in the near future to cover Evanston, Wilmette, and some North Shore Suburbs. While it may only be one day a week, he hopes eventually the service will be a permanent fixture.