SodaCrowd: everything you need to know before investing
– ⏱ 3 min
SodaCrowd is a new name in Spanish real estate crowdfunding, but not a new platform: it is the former iCrowdhouse, which the Mexican group Soda Capital relaunched under this brand in 2025. In its first year under the new name it has closed eleven deals for close to €14 million, most of that capital in projects in which the investor comes in as a shareholder rather than as a lender.
It is an unusual profile in a market dominated by loans, as is its pace, with rounds that usually take weeks to complete rather than minutes. It is worth understanding what lies behind this.
What it is and under what supervision it operates
SodaCrowd is a real estate crowdfunding platform: a company that pools the contributions of many retail investors to finance developers' residential projects, from new builds to the refurbishment of buildings. It offers two ways to take part.
In a loan, the investor lends to the developer at an agreed interest rate and for a fixed term: their return is limited to what was agreed even if the project performs better than expected and, in exchange, they have repayment priority over the shareholders, although in some structures they may rank behind other creditors, such as a bank. In an equity deal they come in as a shareholder and share in the final profit when the homes are sold, so their return is not set in advance: it can exceed expectations, fall short of them or be negative.
Its registered name is SodaCrowd, S.L., and it has been authorised by the National Securities Market Commission (CNMV) as a crowdfunding service provider since December 2023, with number 16 in the register. It was founded in Barcelona in 2017 as iCrowdhouse and, since its integration into Soda Capital, it has been run in Spain by Emiliano Rapaport as CEO.
Its activity, in figures
At Realty Investor we keep our own record of the offerings published on the European market. Between November 2025 and October 2026, these are its figures.
A first year under the new brand. Eleven deals closed and close to €14 million raised, with amounts ranging from €450,000 to close to €2.7 million.
More capital in equity. Close to half of the deals were equity deals, but they accounted for most of the capital raised.
Returns by product. Most loans were published with interest rates of between 11% and 13% over terms of around a year, in line with the market. The equity deals, over terms of around two years, published estimated IRRs above 17% in every case, above the median for the rest of the market, a return that is not agreed in advance and depends on the final outcome of each project.
Rounds of weeks, not minutes. The median round took just over a month to complete and the longest, for an 85-home development in Jávea, close to four months, compared with the few hours of the market's median round, or the few days of its median equity round.
Few investors and high tickets. In the deals with data available, the median brought together around a hundred investors, with average tickets of more than €5,000 in almost all of them, compared with around €2,000 across the market as a whole.
Valencia region and Madrid. Six of the eleven deals were in the Valencia region, between Valencia and Alicante, and three in Madrid; the other two were in Miranda de Ebro and Mallorca. A single developer signed three, all in the province of Valencia.
According to its public communications, its goal is to finance €100 million over three years, €15 million of it in the first, a figure somewhat higher than the one our record shows.
What investing in SodaCrowd is like
The minimum investment is €500 and the platform charges investors no fees: its revenue comes from the developer. For loans, interest is scheduled to be paid at maturity or every quarter, depending on the deal, and in equity deals the return, if any, arrives when the homes are sold and the profit is distributed.
The capital remains invested until the project repays, around a year for loans and about two for equity deals, terms that may be extended if construction or sales are delayed. Moreover, none of its deals under the new brand has yet reached its scheduled repayment date, the first being in February 2027, so there is still no track record against which to assess its repayment performance.
These are features inherent to this type of asset and to a brand that has only just started, and knowing them allows you to choose, in each case, between the agreed, though not guaranteed, return of a loan and the variable return of an equity deal, which can be negative.
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Realty Investor data on the deals published between November 2025 and October 2026, compiled from our own market record and not from the platform's full history. Only deals whose funding round has already closed are included, and those opened in several tranches are counted as one. The financing plan and the conditions for investors come from SodaCrowd's public communications, and its origins and integration into Soda Capital from industry sources.
Informational and educational article. It does not constitute financial, tax or investment advice, nor a recommendation regarding any project or platform. Realty Investor is not a crowdfunding service provider. Investing in crowdfunding involves the risk of total or partial loss of capital, of not obtaining the expected return and of illiquidity, and is not covered by the Deposit Guarantee Fund or the General Investment Guarantee Fund. Past returns do not guarantee future returns.