FutureBricks approaches end of crowdfunding campaign 146pc above target

FutureBricks looks set to complete its crowdfunding campaign with almost £470,000 raised from investors.

The peer-to-peer property lender launched a crowdfunding campaign on Seedrs last month with an initial fundraising target of £320,000 and is set to finish 146 per cent above its aim.

It had raised £467,740 by the afternoon of 14 December with just one day until the campaign ends.

The project has attracted 241 investors with the largest investment coming from an anonymous pledge of £160,000.

Read more: FutureBricks passes £1m milestone in first year

FutureBricks said 35 per cent of any money raised will be used to scale up its marketing efforts to build brand awareness and continue growing its lender base.

The platform 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 launching new financial products such as the Innovative Finance ISA.

The remaining 30 per cent of the money raised will help to fund working capital and capital expenditure requirements, and onboard strategic new hires.

It has also applied to use the government-backed future fund, which will match any equity fundraising received.

FutureBricks beat its initial target of £340,000 just 24 hours after its campaign went live.