Janover, which operates an online B2B commercial real estate lending platform, filed on Monday with the SEC to raise up to $16 million in an initial public offering.
The Boca Raton, FL-based company plans to raise $16 million by offering 2.7 million shares (38% secondary) at a price range of $5 to $7. At the midpoint of the proposed range, Janover would command a fully diluted market value of $58 million.
Janover describes itself as a B2B fintech marketplace connecting commercial property lenders and borrowers looking to refinance, build, or purchase commercial property. Borrowers on the platform include owners, operators, and developers of commercial real estate, as well as small business owners. Lenders on the platform include small banks, credit unions, REITs, Fannie Mae and Freddie Mac, FHA multifamily lenders, debt funds, CMBS lenders, and SBA lenders. Janover earns transaction fees when loans close through its platform, and the current average fee earned per transaction is roughly 1% of the loan amount. The company does not make loans or share risks.
The company was founded in 2018 and booked $2 million in revenue for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol JNRV. Janover filed confidentially on May 2, 2022. EF Hutton is the sole bookrunner on the deal.
