CrowdProperty has unveiled its latest Seedrs campaign after already hitting its £800,000 target privately.
The peer-to-peer property lender has gone live with its third crowdfunding campaign and is now expecting it to be overfunded.
Chief executive Mike Bristow (pictured) said £800,000 had already been raised in the private mode of the campaign.
The Seedrs pitch said the money raised would be used to grow its property team, develop its technology and launch more products.
“Going into overfunding has been planned for – it happened in both of our previous fundraises and is typical of very successful fundraises on Seedrs.” Bristow said.
“Additional funds raised will be invested in the same value-creating activities as outlined, enabling us to grow bigger quicker, albeit with the appropriate controls and governance in place.”
The platform raised £907,000 in 2017 on Seedrs, beating its £600,000 target.
The money was used for platform and product development and to boost its marketing, press relations and to hire more staff.
This was followed by a fundraise of almost £1.1m in 2019, again beating CrowdProperty’s aim of £600,000.
The firm raised £1,089,000 from 575 investors based on a pre-money valuation of £15.7m.
It comes after CrowdProperty secured a £300m institutional funding line to back its P2P property loans.
The funds have come from an unnamed “major investment manager.”
Bristow said the deal is a five-year agreement that complements CrowdProperty’s existing sources of capital.
The funds will be lent on the same terms as retail investors.