Upstone
Upstone, operated by SAS AM Equity (majority-owned by Spirit), is a French AMF-regulated PSFP real estate crowdfunding platform enabling individual retail investors to fund merchant, development, portage, SCPI, and solidarity property projects online from a €100 minimum.
- Company typePrivate
- Founded2015
- HeadquartersParis, France
- Headcount1–10
- GTM typeB2C
- OfferingSoftware
What Upstone does
Upstone is a French real estate crowdfunding platform operated by SAS AM Equity, headquartered in Levallois-Perret and majority-owned by the Spirit group (Spirit REIM Services). The company provides a fully digital, self-serve investment platform that enables individual retail investors to participate in real estate projects starting from a €100 minimum. Its product surface spans marchand de biens (buy-renovate-resell) operations, property development (promotion immobilière), property portage (temporary holding with optional future purchase), the SCPI Esprit Horizon REIT launched with Spirit REIM Services, and the ESUS-accredited Foncière Prosper solidarity fund. The platform also incorporates the acquired Immocratie brand as part of a multi-brand strategy consolidated under AM Equity.
The platform is regulated as a Prestataire de Services de Financement Participatif (PSFP) by the Autorité des Marchés Financiers under number FP-2023-41 and is also registered as a Conseiller en Investissement Participatif (CIP) with ORIAS. Technology is centered on a 100% online flow covering registration, project browsing, investment execution, and a dashboard for tracking investments and receiving interest payments. Project curation is performed by in-house real estate experts before opportunities are surfaced to investors. Upstone reports cumulative financed volume of €100M+, €75M+ reimbursed to investors, an 11.5% weighted average annual return, 94% on-time project completion, and an average 18-month project duration.
Revenue is generated primarily through transaction and performance fees on successfully funded real estate projects, with the GTM motion being direct-to-consumer and product-led: investors self-register online and select projects from curated listings. Marketing relies on educational content (specialized blog, "Des Briques et des Brocs" podcast, whitepaper funnel) and earned media such as the BFM TV appearance on blockchain-based real estate tokenization in January 2025. The customer base is composed of individual retail investors on the demand side and property developers, traders, and portage operators on the project supply side, all served exclusively within France.
Upstone firmographics
Firmographics- Name
- Upstone
- Legal name
- SAS AM Equity
- Website
- https://upstone.co
- Company type
- Private
- Founded year
- 2015
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Upstone, operated by SAS AM Equity (majority-owned by Spirit), is a French AMF-regulated PSFP real estate crowdfunding platform enabling individual retail investors to fund merchant, development, portage, SCPI, and solidarity property projects online from a €100 minimum.
- Ownership category
- akta.pro rank
Upstone industry classification
Industry- Product category
- Real Estate Crowdfunding
- NAICS
- Miscellaneous Intermediation (52391), Other Investment Pools and Funds (5259), Offices of Real Estate Agents and Brokers (5312)
- SIC
- Security Brokers, Dealers & Flotation Companies (6211), Real Estate Agents & Managers (For Others) (6531)
- akta.pro primary industry
- Private Equity Fundraising Placement (FSAEALAB)
Keywords
Where Upstone is headquartered
LocationHeadquarters
- HQ city
- Paris
- HQ country
- France
- HQ region
- Europe
Offices2 records
Markets served
Upstone business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations, Others
Revenue model
- Transaction/Performance Fees: Platform likely charges fees on successfully completed real estate projects, earning revenue when investors receive their returns plus interest from funded projects
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Pay-as-you-go | Standard Real Estate Crowdfunding |
| Unit Pricing | Pay-as-you-go | SCPI (Real Estate Investment Trust) |
| Unit Pricing | Pay-as-you-go | Solidarity Real Estate Fund (Foncière) |
Go-to-market motion2 records
Distribution channels1 record
Marketing channels5 records
Upstone product offering
Product offeringCore offering
Upstone is a French AMF-regulated real estate crowdfunding platform (operated by SAS AM Equity under PSFP license) that enables individual investors to finance third-party real estate projects including marchand de biens operations, property development (promotion immobilière), and portage immobilier. The platform curates and lists curated real estate investment opportunities with a low entry threshold of €100, while managing the legal, financial, and operational structuring of each project.
Product overview
Upstone is a unified platform of real estate crowdfunding products operated by SAS AM Equity. The core offering consists of five product categories: Opération de marchand de biens (property trader operations for buy-renovate-resell projects), Promotion immobilière (real estate development), Portage immobilier (real estate holding), SCPI Esprit Horizon (real estate investment trusts), and Foncière Prosper (solidarity real estate fund with tax benefits). The platform also incorporates the acquired brand Immocratie, unified under the AM Equity umbrella to create a multi-brand platform strategy.
Differentiator
Problem solved
Functional benefit
Products and services
- Marchand de biens operations
Quantifiable outcome
- 11.5% average annual return rate (taux moyen annuel pondéré)
- +3 more outcomes
Companies that use Upstone
Customer profileSegments4 records
Ideal customer profiles1 record
Upstone technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Upstone partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- ImmocratiecoreUpstone acquired the Immocratie platform in July 2023, unifying both brands under AM Equity as part of its development strategy. The integration aims to create a platform of platforms, maintaining the unique features of each platform while consolidating the offering.
Scale indicators6 records
Recent moves5 records
Expansion highlights5 records
Upstone competitors and assessment
Company assessmentDirect peers
- Anaxago: Anaxago is a leading French real estate and startup crowdfunding platform offering direct property investment opportunities to retail investors from similar low entry thresholds, competing head-to-head with Upstone in the same regulated PSFP environment.
- Homunity: Homunity is a French real estate crowdfunding platform specializing in new-build residential development investments for individual investors, overlapping with Upstone's promotion immobilière product line.
- Fundimmo: Fundimmo is a French AMF-registered real estate crowdfunding platform focused on residential and commercial property projects, serving retail investors with comparable project-based investment mechanics to Upstone.
- ClubFunding: ClubFunding is a French real estate and corporate crowdfunding platform with comparable project-selection curation and AMF-regulated retail investment offerings to Upstone.
- La Première Brique: La Première Brique is a French real estate crowdfunding platform for residential development projects, competing with Upstone in the same retail-investor segment with similar regulatory status.
- Baltis: Baltis is a French real estate crowdfunding platform focused on rental investment (SCPI/portage), providing directly comparable products to Upstone's SCPI Esprit Horizon and Portage immobilier offerings.
- Raizers: Raizers is a French real estate crowdfunding platform connecting individual investors with property developers, with comparable deal-origination and investor onboarding mechanics to Upstone.
Broad incumbents
- SCPI/REIT digital distributors (e.g., Corum, Sofidy): Sofidy is a major French asset manager distributing SCPI products and digital real estate investment solutions to retail investors, representing the broader incumbent competition against Upstone's SCPI Esprit Horizon offering.
Regional players
- Spiral Invest / Lendosphere: Lendosphere is a French crowdfunding platform (formerly WiSEED) offering real estate and renewable energy investments, providing comparable AMF-regulated retail crowdfunding infrastructure to Upstone.
- Property Partner: Property Partner is a UK-based real estate crowdfunding platform for fractional property investment to retail investors, providing a comparable digital real estate investment model to Upstone in a different geography.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights7 records
Customer concentration
Upstone social profiles
Digital presenceUpstone compliance and trust
Trust signalCompliance1 record
Upstone financial estimates
Financial estimateRevenue estimate
Valuation estimate
Upstone leadership team
Management profileNumber of profiles
Profiles1 record
Upstone subsidiaries and ownership
Company hierarchySubsidiaries1 record
Upstone funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Upstone M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Upstone
What does Upstone do?
Upstone is a French AMF-regulated real estate crowdfunding platform (operated by SAS AM Equity under PSFP license) that enables individual investors to finance third-party real estate projects including marchand de biens operations, property development (promotion immobilière), and portage immobilier. The platform curates and lists curated real estate investment opportunities with a low entry threshold of €100, while managing the legal, financial, and operational structuring of each project.
Is Upstone a public or private company?
Upstone is a private company. It is classified as corporate owned and is currently operating.
When was Upstone founded?
Upstone was founded in 2015. It employs 1 to 10 people.
Where is Upstone based?
Upstone is headquartered in Paris, France, in the Europe region.
How does Upstone make money?
One revenue line is on record: transaction/Performance Fees.
Who are Upstone's main competitors?
Direct peers on record are Anaxago, Homunity, Fundimmo, ClubFunding, La Première Brique, Baltis and Raizers. SCPI/REIT digital distributors (e.g., Corum, Sofidy) is listed as a broad incumbent. Regional players are Spiral Invest / Lendosphere and Property Partner.
Does Upstone have an API?
No public API is recorded for Upstone.
What industry is Upstone in?
Upstone's product category is Real Estate Crowdfunding. Its primary akta.pro industry code is FSAEALAB, Private Equity Fundraising Placement. Its NAICS code is 52391 and its SIC code is 6211.