Joffrey Smith, CEO of Joffrey Smith Financial Group, officially opened his new location at 8 Norwich St. in Worcester, and unveiled his insurtech startup Concordia Exchange at a ribbon cutting ceremony on Tuesday.
Smith purchased the historic building, built in 1900, in April for $855,000, according to the Worcester District Registry of Deeds.
The CEO told WBJ he secured financing for the property with a U.S. Small Business Administration 504 loan through Worcester Business Development Corp. and a loan from Cornerstone Bank of Worcester.
Smith renovated the building and is now offering 3,744 square feet of Class A office space for lease through Cambridge-based Rubric Commercial, which has a Worcester office.
In addition to moving his financial planning business to the new building from Foster Street, Smith is operating Concordia Exchange at the location.
Concordia partners with insurance brokers of insurance brokers of organizations with more than 50 employees to reduce insurance costs. The company has developed an online reverse auction platform where carriers bid against each other, creating competition, according to the company’s website.
The business was born at Cornell University in 2021 while Smith was pursuing his MBA. Smith has built a team, secured funding, and expects to launch the auction functionality in the spring.
Smith served as a District 1 Worcester city councilor from 2006-12. He is bullish on downtown Worcester and invested in the area because he wants his employees to be able to take advantage of the residential options and amenities offered nearby, he said in an interview with WBJ. He looks forward to creating jobs downtown and offering internship opportunities to local university students.
Concordia joins other tech startups like Blustream and Embue in the area, as well as established tech company Xceedance, which moved into 1 Mercantile St., the former Unum Building in September.
“I hope this trend continues,” said Smith. “I am happy to be at the forefront of it.”
