Carl Fudge is a venture designer and builder based in San Francisco, CA. He is available for freelance consulting and advisory work.

08 Pioneering Investment in Opportunity Zones for Thriving Cities


  PRODUCT DEVELOPMENT





THE CLIENT

City Builder, a corporate venture within major global bank, Citi


THE CHALLENGE

City Builder, a corporate venture within Citi Ventures, embarked on an ambitious mission to create a platform that would not only drive economic vitality for cities but also deliver substantial business value for Citi's banking clients. The challenge was magnified by the fact that Opportunity Zones, a critical element of this endeavor, were newly created, and the market had yet to take shape. Speed was of the essence, as gaining first-mover advantage was imperative. The key question at the heart of this venture was: How could they enable a more substantial flow of investor funds into Opportunity Zones?


THE PROJECT

In my multifaceted role as co-founder, head of product, and project director, I played a pivotal role in shaping the journey of City Builder.


The research phase provided crucial insights—there existed a significant number of investors eager to invest capital in Opportunity Zones, but they lacked the necessary information to navigate the market and make informed decisions. This realization underscored the importance of a clear initial user focus. We strategically prioritized real estate investors and fund managers, recognizing their substantial pain points and their potential to drive early traction.



City Builder's value proposition was a data-driven platform that acted as a nexus for multiple stakeholders: fund managers, wealth managers, investors, and local communities. Each of these user groups had unique needs, goals, and roles, and we conducted comprehensive stakeholder mapping to understand how they could converge on the same platform to drive investment in low-income urban areas.

To bring this vision to life, I led a diverse team comprising software engineers, data scientists, data engineers, designers, researchers, and business strategists.


This collaborative effort worked closely with Citi's investment professionals and municipal relationships to align with their expertise and strategic goals.

Our strategy was marked by scrappiness and rapid product development. We leveraged publicly available data sources, including demographics, walking scores, and employment rates, rather than generating our own metrics. Our focus was on organizing this data in a way that provided significant value to users in their investment decision-making process.

City Builder made its debut in November 2019, marking the beginning of its impactful journey. The venture swiftly gained recognition, winning an award in the "Building Thriving Communities" category at the U.S. Census Bureau's Opportunity Project Demo Day. Fast Company also honored City Builder with the "Best Urban Design" award in 2020. From its humble origins, serving three cities, City Builder expanded its reach to cover a remarkable 786 cities in total.



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