BRITISH Pearl has hit its £800,000 crowdfunding target with just a day to go on its Seedrs campaign.
The property investment platform launched a crowdfunding round last month and had raised £804,000 as of 12 December.
The lender, backed by former Conservative Party treasurer Lord Stanley Fink, said this fundraising round precedes what it expects to be a “larger and higher priced post-Brexit fundraising round in 2020.”
It says 30 per cent of funds raised will go toward improving sales and 10 per cent will help extend property sourcing through partnerships in the European Union and America.
Another 30 per cent will develop platform features such as Open Banking, fund manager and intermediary portals and a security token offering.
The remaining 30 per cent of funds raised will be spent on other headcount and general operating and administrative expenses.
Investments in the campaign range from £35 to £600,000 from a single backer.
British Pearl previously raised £2.5m in a crowdfunding round on Seedrs in November 2018.
Of this, it said 35 per cent of funds raised would be spent on sales and marketing, with 10 per cent on the property department, five per cent on professional services and 12 per cent to cover other costs.
Read more: Tory peer backs P2P property platform launch