CROWDPROPERTY has raised almost £1.1m from its crowdfunding campaign, which was 81 per cent oversubscribed.
The peer-to-peer property lender launched its equity fundraising campaign on Seedrs last month, with an original target of £600,000. The firm raised £1,089,000 from 575 investors based on a pre-money valuation of £15.7m.
CrowdProperty said the fundraising was especially popular among existing customers – both lenders and borrowers on the platform.
The announcement follows recent news that an unnamed financial institution has committed to lend £100m via the platform over the next one to two years.
“We are delighted that so many of our customers wanted to participate in this raise, on both borrower and lender sides,” said chief executive Mike Bristow (pictured). “Our proposition has been game-changing for them, giving them the confidence to invest in the business knowing that it has demonstrably huge potential.
Read more: IFISA guide: Property loans
“We are also excited that the oversubscribed raise will enable us to fast track our 2019 roadmap, which is packed full of innovative, value-adding and experience-enhancing developments which will further differentiate us from all market participants.
“This raise will supercharge our growth rate, delivering an even better deal for both lenders and borrowers alike and will take us further towards funding a material proportion of the homes the UK needs to be building.”