CrowdProperty is set to close its third fundraising round today, after surpassing its £800,000 funding target several weeks ago.
The property lending platform will use the money to fuel its “rapid” growth plans, said CrowdProperty’s chief executive Mike Bristow (pictured).
Earlier this month, Bristow told Peer2Peer Finance News that he hoped to grow the platform’s property team, develop its technology and launch more products in the small- and medium-sized enterprise (SME) property development space.
“Having step-changed all business metrics since our last fundraise in March 2019 and proven the profitability of the business model whilst still investing to grow, we’ve yet again proven that we can scale rapidly and add considerable value with equity capital investment,” said Bristow.
“This round is to further step change the business and to realise our potential quicker in our mission to transform property finance – to unlock the power of SME property developers in the UK to build more homes, increase spend in the UK economy and ever more efficiently and effectively match the supply and demand of capital for the benefit of all.
“Raising more than the £800,000 target has been planned for – it happened in both of our previous fundraises and is typical of very successful campaigns on Seedrs. Additional funds raised will be invested in the same value-creating activities outlined in the campaign, enabling us to grow bigger quicker, albeit with the appropriate controls and governance in place.”
CrowdProperty recently launched into the Australian market, to offer a non-bank lending alternative to the SME property development market there. Bristow said that he hopes to “scale rapidly in the UK and internationally” thanks to the platform’s strong track record, scalable proprietary technology, and expertise.