LANDBAY is giving investors who have previously backed the platform on Seedrs the chance to increase their stake in the business.
The property peer-to-peer platform has launched a funding round on Seedrs for existing investors after securing external finance.
All Seedrs investors have pre-emption rights so because of the external investment, shareholders must also be given a chance to retain or extend their stake.
Read more: Landbay: The next steps
“Following new investment in our business we have opened up a private round on Seedrs,” said John Goodall (pictured), chief executive of Landbay.
“This round is open only to existing shareholders from previous Seedrs rounds, allowing them to exercise pre-emption rights should they wish to do so.
“Landbay is currently in a high growth phase, evidenced by the recent launch of our Innovative Finance ISA and a new range of competitively priced buy-to-let mortgages for professional landlords. This fund raising round is in support of that continued growth.”
A spokesman declined to comment on who the external backers are.
This would be the third fundraising on Seedrs for Landbay, having raised £1.6m last year and £71,590 in 2013.
The money raised in 2013 went towards technology development, marketing and a permanent office space.
The 2016 round focused on technology, brand development and general operating expenses.
Around 600 investors have backed Landbay through Seedrs.