A Cincinnati-based real estate investing startup has expanded its C-suite as it looks to grow its presence both domestically and abroad.
Akru, which allows users to invest in fractions of commercial real estate using a blockchain-based trading platform, named Will Powers, former founder and CEO of Alternative Advisers, a Florida-based consulting firm, as its chief operating officer, effective Nov 1.
It’s a new position for the company, Akru founder and CEO Mohsin Masud said. As COO, Powers will oversee the company's operations as head of capital markets.
He will be based in Florida and will lead the company’s new office in Miami.
Akru is also eyeing international expansion. The company currently has Midwest-based assets on the platform but intends to expand into other regions including the Sun Belt and South, the U.S. coasts — and in the coming years — across the European Union and Asia.
"Akru is changing the way we look at investing in real estate — they are truly a market disruptor,'' Powers said in a release. "I look forward to helping guide the company to transform the commercial real estate market and how people invest in it."
Powers brings to the role over 30 years of experience in the investment industry with more than two decades spent capital raising for alternative investments.
Before Alternative Advisers, Powers helped launch several sponsors and products including Dividend Capital, Preferred Apartments and ING Funds.
Powers will focus on onboarding new real estate assets to Akru's platform. The platform will give investors access to institutional-grade real estate in all sectors including multifamily, office, retail, industrial and more.
Akru also plans to launch more key features to the platform within the quarter, including margin trading.
Akru, founded in 2018, allows investors to take advantage of real estate investment opportunities for as low as $1,000. Masud said investment sizes vary anywhere from $2,000 and $200,000 to date.
“We are confident his (Powers) unique qualifications will help us expand our platform," Masud said.
Akru, formerly known as Tokenism, is backed by Southern California-based heavyweight Draper Goren Holm, a blockchain and crypto venture studio; Milwaukee Venture Partners, an angel investing group; and is a gBeta Cincy alum.
Akru was also one of 10 finalists in the 2021 FinTech Frontier pitch competition, presented in October by Cintrifuse, Western & Southern Financial Group, Fifth Third Bank and JobsOhio. It’s raised more than $2 million to date.
The company, based in Norwood at Fueled Collective, has 28 employees.
Since its formal launch, Akru has seen more than $750,000 of transactions on its platform with more than 170 active accredited investors. Around 1,500 non-accredited investors are on a waitlist, Masud said.
