A Vancouver-based crowdfunding company is no longer involved in a housing productivity project funded by the province, days after the project was announced.
This comes after the company, Addy Technology Corp., reached a March 17 settlement agreement with the B.C. Securities Commission (BCSC) for engaging in the business of trading securities without being registered, resulting in a $100,000 penalty.
Project administrator Digital (formerly the Digital Technology Supercluster) announced funding for Addy to develop a rental housing case study one day after the regulatory action was announced.
The planned co-investment from the Vancouver-based non-profit into this project was $250,000, to be drawn from $9 million from the B.C. Ministry of Housing and Municipal Affairs for this and 10 other housing productivity projects.
Following inquiries from BIV, Digital said Thursday it was "actively reviewing" the situation involving Addy's settlement with the BCSC.
“As of March 20, 2025, Addy Technology Corp. is no longer a partner on this project,” reads a new update on Digital’s website.
Digital declined to provide further details, referring back to its Thursday statement, in which it said its contracts require all partners to follow applicable laws and be free of “actions or proceedings pending that would adversely affect the partner’s ability to fulfil its obligations.”
Addy’s head of operations, Kolina Kretzschmar, did not respond to a request for comment Friday.
The Vancouver-based crowdfunding company facilitates fractional investments as low as $1 per share in real estate developments.
On Wednesday, Kretzschmar told BIV that following BCSC’s investigation, the company is now becoming a so-called “exempt market dealer,” which would make its business model legally compliant with B.C. securities laws.
