Landbay launches private funding round for existing investors

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.

It has been a busy few months for Landbay after it launched its IFISA in February and last week it announced a partnership with mortgage packager Brilliant Solutions.