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Peer2Peer Finance News | September 20, 2018

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CrowdProperty raises £900,000 via Seedrs

CrowdProperty raises £900,000 via Seedrs
Emily Perryman

CROWDPROPERTY, the peer-to-peer property lender, has raised £907,467 via Seedrs to fund its expansion plans.

The campaign hit its target funding of £600,000 within 40 hours of its launch on 20 November.

The pre-series A equity round attracted 509 investors who invested an average of £1,783.

This was raised at a £5.9m pre-money valuation on the Seedrs equity crowdfunding platform.

The money will fund the lender’s expansion plans, including investment in talent, technology development and marketing.

CrowdProperty’s chief executive Simon Zutshi said the fundraise shows strong confidence in the business and enables it “to crack on with the next phase of the CrowdProperty journey”.

“We planned to allow the campaign to go into overfunding as we know that extra funds can be used valuably to grow the business faster,” he added.

Read more: Almost half of Property Crowd investments come through IFISA

The fundraise comes after CrowdProperty passed its £10m lending milestone on 3 November. Zutshi said the amount lent has now reached £11.6m, with at least one more project to be launched before Christmas.

Founded in 2013, CrowdProperty has so far facilitated 27 projects.

Several other P2P lenders have raised money via Seedrs, including buy-to-let specialist Landbay and secured business and property P2P lender Assetz Capital.

Read more: Want to invest in property? Then take a look at these peer-to-peer platforms