CROWDPROPERTY is looking to raise £600,000 via Seedrs to fund its expansion plans.
The peer-to-peer property lender said on Friday that it is launching a pre-series A equity round on the crowdfunding platform and that the money raised would go towards investing in talent, developing its technology and marketing.
CrowdProperty, which is fully authorised by the Financial Conduct Authority, has lent over £10m since its launch in 2014. It has more than 6,000 registered users who have funded a total of 27 projects.
Its last two projects – valued at £910,000 and £490,000 – were funded in 41 minutes and 17 minutes respectively.
“I am delighted that we have now proven this model of helping successful property developers to fund their projects, whilst helping investors gain a secured return on their money,” said chief executive Simon Zutshi.
“All of the recent project launches have been quickly funded up by our eager and loyal base of lenders, which clearly demonstrates the traction we have built in our brand.
“Over the last year, we have focused on our platform technology and processes, and now we are ready to scale this business to its full potential.
“This will not only benefit our lenders, but also help and support SME developers, who often struggle to raise funds from hesitant banks, to access the essential funding they need to help reduce the UK housing crisis.”
Fellow property peer-to-peer lender Landbay turned to Seedrs earlier this year, raising £2.4m. It had previously launched two funding rounds on Seedrs.