Economy & Politics

ExclusiveFND collects 100 million – and loses important investor

In 2018 Thomas Ermel founded the company in Hamburg.Tim Christopher Klonk / Unsplash

Thomas Ermel had hoped for more. The Hamburg-based entrepreneur started with his crypto start-up FND Group (formerly Foundation) to collect a total of 500 million euros and invest them in real estate. But the response from small investors remained manageable, consumer advocates criticized the investment conditions and the most important partner, the Bauwens construction group, recently got out again.

In contrast, Ermel was able to land with institutional donors with his blockchain real estate project: FND had collected a total of 100 million euros from large investors, he said in an interview with Finance Forward.

The company is still looking for capital until mid-July. He is confident that he will get another 50 or 100 million, says Ermel. A considerable sum for a blockchain project, even if FND will probably miss the target. International investors in particular would have entrusted him with their money, says the founder. Each investor had paid in at least EUR 10 million.

What’s next with his project? You can read that today on Finance Forward, the new finance portal from Personal-Financial.com and OMR. You can register for the daily newsletter here.

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