is a digital platform that combines investment and financing opportunities in the real estate and renewable energy sectors.
Thanks to financial solutions such as equity, lending, and debt, Walliance makes the investment market more accessible and clear, making it easier for companies to raise new economic resources.
Walliance is a SIM and a European crowdfunding platform authorized and supervised by Consob and the Bank of Italy.
The first real estate project funded through the Walliance platform was presented to the registered users audience on the morning of September 12, 2017. Concurrently, the platform was being launched during the Italian leg of the European Tech Tour, at Palazzo Colonna in Rome.
The story of Walliance however, begins far before and far away, a nine-hour flight from Rome. It was during a stint in New York that the spark hit. There, where the phenomenon of collective investment in the real estate market was already something much more than just an interesting product.
The return flight from the United States was one of reflection, analysis and connecting the dots, due to an awareness that the family company in Trentino now requires a constant presence.
As with every family business story, the time has come for the Bertoldi Group to make a generational transition to prepare for the future. But, for this to happen, a new vision is needed.
To fully understand Walliance, one must span a period of more than sixty years. Walliance is the sublimation of an entrepreneurial success story that began in Trentino during the years of economic boom, when there was a need to rethink food distribution in an organized form. This activity could not disregard the management of a real estate asset that grows, develops, demands careful investment and research of skills and new assets, including technological ones: an asset which is reason enough in itself.
Thus, from 1960 we make it to July 2016, when analysis were completed, the capital raised, and dots linked one to the other. There is a vision, circles are closed, which transform into a genesis, and Consob Resolution 19939 of March 30, 2017 is the act that seals it: Walliance S.r.l. is registered under number 21 in the Register of Platforms authorized to raise venture capital online.
In a leap forward, in November 2023, Walliance becomes a SIM and sets to open up to new horizons under a new European license. In the same month, the acquisition of the French Lymo Finance is announced, which, ironically, like Walliance in Italy, was the first real estate crowdfunding platform launched in France.
+560M developments
turnover value
+8,500
investors
It has always been said that the democratization of investment generates a value that goes beyond the mere economic transaction. An obvious concept if accompanied by numbers: over 100 companies took part in the “Walliance system,” offering more than 170 real estate operations through the platform capable of attracting investments of more than *175 million euros. In these operations, Walliance investors weigh about 30% in the financial structures. Hence, out of an investment pool of about € 175 million, the total counter value of the turnover value ranges between 560 million and 600 million euros.
Each operation presented on the platform has been financed thanks to the involvement of more than 8,500 retail, private, HNWI and institutional investors. All are part of the larger group of more than 100,000 users who created an account on the platform. But investing is not enough. For value to be generated, real estate operations must be concluded, distributing the profits generated by the development of the projects. 80 million euro is the countervalue of the capital repaid, to which are added more than 11 million euros in returns on capital: an average annual ROI for equity investments of about 9%, APR that was realized to the same extent for bonds.
But when it comes to investment, the matter gets complicated: user-friendliness of a website has to cope with the rigidity of regulatory requirements. A “digital liturgy” is conceived and designed, to which the user must scrupulously adhere, also supported by gentle stimuli of financial education, for a full awareness and protection of their assets.
From the crude idea of a digital platform that could meet demand and supply of capital, it has evolved to a sophisticated platform that, in no time, completely enables the investor. The ex-post comparison between what Walliance was and what Walliance is now turns to be an interesting construct which may be even used as a lens through which to read a world that changes in a whirlwind way, evolving in increasing degrees of complexity, requiring guarantees and securities.
In the past, to invest through Walliance, all it took was to provide a first name, a surname, and an email address, along with bank information, personal data, and attached files. This was enough to invest, i.e., to send money to companies. The reference legislation then changed, bringing platform operators closer to the security standards required of traditional intermediaries. Walliance has been ahead of its time, integrating customer identification processes –biometric KYC and KYB, AML – as early as 2020, anticipating
the entry into force of the European Crowdfunding Service Provider Regulation. Each investment presented on the platform has always been provided with a detailed sheet with key information about the project being invested in and the company presenting it, information that allows each investor to carry out their own due diligence, choose the product best suited to their needs, and build an investment portfolio that is as diversified as possible.
Walliance was founded in 2016 as the first Italian Real Estate crowdfunding platform and, for more than six years, the asset classes in which the investor community was able to diversify its portfolio unfolded exclusively within the real estate sector: residential, logistics, office, and commercial. In 2023 things changed, a new instrument is launched, dedicated to financing sustainable renewable energy projects: Walliance Green. This type of investment is dedicated to the real estate energy upgrading, the development of photovoltaic plants, agrivoltaic and wind farms, energy communities, biomass plants and hydroelectric plants. By enabling investors to actively participate in the energy transition, Walliance Green helps finance projects that promote environmental sustainability and efficient use of resources.
Location, location, location.
Milan, Florence, Venice, Barcelona, Paris, New York, are just some of the more than 30 cities where projects funded by the platform’s network of investors are located.
Equity: this instrument allows investment in a corporation by subscribing to its shares. The company that chooses this type of financing covers its capital needs by offering investors the opportunity to subscribe to its shares; in this way, the investor becomes to all intents and purposes a shareholder and thus enters the company’s risk capital.
In the case of real estate equity crowdfunding, the investor subscribes shares in a company that carries out a specific real estate project. Upon successful completion of the operation, the investor receives the invested capital plus the generated return, the ROI (Return On Investment), which will depend on the outcome of the operation.
Via Grasselli
Lending: this instrument allows investment through the provision of a loan to a company, typically regulated through the signing of a standardized financing contract. The contract gives the subscriber the right to receive, at one or more maturities, the invested capital plus a predetermined interest rate (APR).
In the case of real estate lending crowdfunding, the investor invests their own money, which is disbursed in favor of a company that carries out a specific real estate project.
Debt: is the instrument that allows people to subscribe to a debt instrument, in exchange for the return of money lent, plus accrued and contractually defined interest. The most classic debt instruments are the so-called minibonds. Real estate debt crowdfunding configures a form of investment in which the investor subscribes to a debt instrument or bond (minibond) issued by a company implementing a specific real estate project, thus becoming its creditor/ bondholder. When the instrument matures, the investor receives the invested capital plus a predetermined interest rate.
Create your Walliance account via the website or app and activate it by completing all validation steps including KYC and Wallet opening.
When there’s a project available for investment, recieve email and in-app notifications. If none are currently available, rest assured, they’ll be coming soon. Activate the newsletter to stay in the loop!
Each investment on Walliance comes with a detailed sheet that includes key information about the project and the company presenting it. This will help you to do thorough due diligence and make conscious investment decisions
Monitor your investment portfolio from your Dashboard wherever you are, and stay always informed with the “Report” and “Q&A” areas.
Just as the reference legislation provides for the existence of different categories of investors, differentiated on the basis of the level of knowledge of financial instruments and the resulting degree of regulatory protection, Walliance has chosen to intercept the different needs expressed by its users. And from this need Première was born, the service dedicated to Private and HNWI (High Net Worth Individuals) investors, which offers exclusive benefits to those who meet specific capital and active portfolio requirements on the platform, with no fees or additional costs.
Première addresses advanced investment needs, enabling front-row investing among high-net-worth investors. Investors who subscribe to Première can benefit from personalized services, priority access to new investment opportunities, and dedicated advice to optimize their portfolio returns. There are two types of Première account: Gold and Black. Each type offers a number of specific benefits, including but not limited to, preferential investment terms, exclusive support, and reserved events, ensuring a unique and highly qualified investment experience.
The financing products from € 1 to 5 M from € 15 M up to € 5 M from € 250,000 to 5 M from € 250,000 to 5 M
From € 1 million to € 5 million in 30 working days. This product is designed for high-growth companies with an annual turnover of more than € 5 million. No extra guarantees, the investment is directed to the SPV holding the real estate business.
Equity investment concerns the area of activity that involves the provision, either direct or indirect, of equity capital into companies –or, more accurately, SPVs (Special Purpose Vehicles) – that develop real estate operations. It is called direct contribution when the developing company collects the funds directly; if, on the other hand, the developing company receives capital through another SPV, then the investment is called indirect.
In both cases, the capital increase is the context within which shares or stocks representing the share capital are offered to the public. From a purely financial point of view, we are in the context of risk capital, which the investor gets back together with the return generated by the real estate operation, should it be successfully concluded. Conversely, there will be a negative delta on the investment, should the project fail to achieve the objectives of the business plan.
Up to € 5 million in 30 working days. The perfect solution to guarantee investors repayment within a predetermined time period with a pre-established annual return.
For the indirect investment case, the SPV will finance the developer company through a co-interest agreement (equity partnership), thus achieving a financing formula that can be defined as Mezzanine (equity-like). This type of investment combines characteristics of debt and equity products, offering investors the opportunity to earn predefined but subordinated returns compared to traditional lenders, while retaining some degree of participation in the operation’s profits.
From € 250,000 to € 5 million in 20 working days. Flexible financing solution for companies that need liquidity quickly to develop a must-have real estate operation.
An alternative way for enterprises to get financed on the capital market is to offer to the public no longer shares or stock representing the share capital, but fractions of a loan agreement. In this case, the investor assumes the role of lender, or creditor, to the enterprise, which underwrites the contract and assumes the status of a debtor party. This instrument is particularly suitable for small to medium-sized real estate operations, as it stabilizes cash flows for both investors and enterprises, while maintaining a generally low cost due to the high degree of standardization of the product. Moreover, this instrument offers considerable flexibility compared to a classic bank loan in terms of terms, conditions, refunds and capital release.
For amounts exceeding € 15 million. The form of financing dedicated to large companies with a turnover exceeding € 35 million.
With Walliance 500 you can finance your company’s development through alternative forms of capital raising, including equity, minibonds or other forms of debt. You will have a dedicated team working with you to study the best fit.
The development of crowdfunding has been observed by experts as a form of market integration. Companies that have used platforms to raise venture capital have often embarked on growth processes such that they have not only increased the size of successive raises over time, but also have reached listing on regulated markets. Walliance, from the outset, has targeted small and medium-sized companies with a higher degree of development than startups, positioning itself as a preferred interlocutor. Indeed, platforms are ideal places to grow the size of enterprises.
Diversifying and differentiating financing products offered to companies led to the creation of a section of the platform dedicated to large corporations. Inspired by the annual list of the largest American companies, compiled and published by Fortune magazine, Walliance 500 was born.
From € 250,000 to € 5 million. Walliance Green offers a comprehensive solution for companies looking to improve their energy efficiency and reduce their environmental impact.
This tool allows companies to fund projects that contribute to sustainability and efficient use of natural resources.
Walliance Green also means joining a network of investors and entrepreneurs committed to the energy transition: it supports the implementation of innovative projects that meet the needs of a rapidly changing market, promoting advanced technologies and integrated solutions for a more sustainable future.
The cost of raising capital can vary depending on several factors such as the type of financial instrument involved (equity, debt, etc.), the amount of financing, and any legal, administrative, and marketing fees. It is important to consider all these variables to get an accurate estimate of total costs.
How fast will I get the funds?
The time it takes to get the funds raised depends on the approval process and the length of the fundraising campaign.
Generally, funds are disbursed once the campaign is successfully completed and all contractual formalities are finalized. This process usually takes about 30 days.
For loans and debt instruments, guarantees may include:
• Mortgage on the asset
• Guarantee on first demand
• Surety bond For equity instruments, the required guarantees may be:
• Guarantee on first demand
• Preferred equity
In addition, there is generally subordination of shareholder loans and all forms of capital paid in by the shareholders, with payment of a preferred return, for all technical forms.
Thanks to the financing solutions offered by Walliance, it is possible to increase your company’s financial position and strengthen its soundness, in some cases allocating new resources to expand your business. There are many reasons why the alternative finance instruments offered by Walliance are convenient for companies, depending on the assumptions and areas from which they are evaluated, such as the wide flexibility in creating financing instruments and adaptability to the specific context to be financed.
From the moment an enterprise delivers the documentary record required by Walliance, complete with all the necessary information, it will take about 30 working days to obtain the necessary cash for development, also disbursed entirely in a single lump sum.
During this period we proceed with:
• Feasibility opinion within 3 working days
• Bureaucratic and technical requirements for amending the bylaws
• Capital increase resolution
• Opening of banking relationships and collection of investments
The scalability of the process further reduces the time associated with proposer analysis, especially if the proposer becomes a recurring customer. In the case of Walliance 500, the timeframe can be longer (6-8 months for minibond distribution), as these are more complex financial instruments.
Innovating also means going beyond the typical logics of traditional finance, maximizing return opportunities by integrating a complementary, or even substitute, financing channel to traditional banking solutions. This flexibility makes it possible to tailor financing strategies to the specific needs of each project and makes it possible to reduce equity contributions, providing greater agility and benefits from sharing risk with other investors.
In a world characterized by increasing levels of complexity, Walliance offers not only capital raising, but also advisory services on proposed real estate operations. It is in the context of due diligence that the entrepreneur can have access to our system of knowledge, skills and experience, to build tailor-made financing solutions while innovating the real estate market. Walliance operates in several countries around the world, with bases in Italy, France and Spain, allowing access to a vast network of contacts and investments in different markets.
Innovating also means overcoming the typical logic of traditional finance, for which pages and pages of summary conditions are delivered along with the financing, the reading of which can be unpleasant. That is why, at Walliance, we have adopted a different system, based on transparency: a single, immediately assessable fee applied once, when the fundraising is concluded, regardless of the duration of the real estate project. Likewise, the percentage of profit returned to investors is shared and decided during the analysis and definition of the financial structure, together with Walliance’s real estate consultants team. The goal is to identify a distributable rate of return that is compatible with both investors’ expectations of earnings and profitability for the entrepreneur.
The table is divided into two main sections, “Investment without Walliance” and “Investment with Walliance.” Each section presents details on the amounts invested, net income, and the percentage of investment and net income.
This table shows how using Walliance not only significantly increases ROE for the developer, but also reduces equity exposure, allowing resources to be allocated to other business opportunities.
In real estate operations, the distribution of returns may not be proportional, due to the presence of shares/stocks of different categories giving different rights to their subscribers. The following is a practical case of a Business Plan constructed for a real estate operation, highlighting how the capital provided through Walliance generates a positive leverage for the developer. This was due to the speed with which the capital was invested, beating out the granting of the financing by a leading lending institution.
By reducing the developer’s exposure, it is possible to take on additional business and increase its turnover. Return On Equity (ROE) is obtained by dividing the profit of an operation by the capital invested in it. When the real estate operation is also financed through Walliance, the developer gets a ROE of 116.67%, a 65% increase over the ROE of 70.67% obtained in the absence of financing through Walliance. At the same time, the developer’s investment decreases by 216 percentage points.
70.67%
116.67%
Starting in 2018, Walliance has been collaborating with the Observatories of the School of Management of the Politecnico di Milano and, in particular, with Professor Giancarlo Giudici, to draft a paper with the aim of gaining an in-depth understanding of – and raising awareness for – the crowdfunding market for real estate: the Real Estate Crowdfunding Report. This initiative is based on the recognition of the importance of research not only from an info-training perspective, but also to ensure competitiveness in the global market, thus staying ahead of competitors and ensuring solid growth over time.
This independent research identifies the elements needed to fully understand the real estate crowdfunding market, its players and trends by looking at the activity of the main platforms, their performance and the characteristics of the projects funded. Through this collaboration, Walliance is helping to improve transparency and knowledge of the industry, providing data and analysis useful to both investors and market participants.