Property-backed peer-to-peer platform FutureBricks has surpassed its target within 24 hours of launching its crowdfunding campaign.
The platform set an initial fundraising target of £320,000, but 24 hours after the campaign went live to private investors on crowdfunding platform Seedrs, more than £340,000 had been raised. The campaign is now open to the general public.
FutureBricks has also applied to use the government-backed future fund, which will match any equity fundraising received.
The platform has pledged to use 35 per cent of any money raised to scale up its marketing efforts to build brand awareness and continue growing its lender base. It will also expand its commercial team “to uplift and expand revenue-generating streams”.
Another 35 per cent will be invested into the platform’s technology, enhancing its data analytics capabilities and introducing new financial products such as the IFISA.
The remaining 30 per cent of the money raised will help to fund working capital and capital expenditure requirements, and onboard strategic new hires.
“We want access to asset-backed investments to be the new normal,” said a FutureBricks spokesperson on the Seedrs campaign page.
“Together, our mission is to back small- and medium-sized enterprise (SME) housebuilders as we aim to reach a loan book of £100m in the next few years.”
The Seedrs fundraising round is set to end on 12 December 2020.