PROPERTY development lender The House Crowd looks to have already hit its £1m crowdfunding target on Seedrs despite the round not yet being opened to the public.
More than £1m has already been pledged from 414 members, the peer-to-peer property lending platform said in an email update to customers.
The Seedrs public launch is expected to go live on 9 September.
A private launch will begin five days earlier on The House Crowd website, which has already been opened for investors to pre-register and indicate how much they would commit.
The company is offering 3.4 per cent of its equity to investors with a valuation of £29m.
Investment from the fundraise will be used to expand The House Crowd’s product range, develop a new brand and to improve its technology.
Initially the company was targeting £500,000 to £750,000, but early interest from The House Crowd’s 27,000-member database pushed the amount towards £1m.
The House Crowd will use the proceeds of the round to push its new brand aimed at millennials, called Money Mog.
Proceeds will also be used in the development of the firm’s blockchain secondary market with ASMX, and the company is also creating a white-labelled SIPP product so investors can include The House Crowd investments in their pensions.
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