CrowdProperty, the peer-to-peer property lending platform, has closed a £1.8m equity fundraising round, surpassing its £800,000 target.
This follows the closing of a £300m institutional funding line agreement with a new, unnamed investment manager.
The equity fundraise, in partnership with equity crowdfunding platform Seedrs, received backing from 793 investors. CrowdProperty said it had proved particularly popular amongst its lending and borrowing customers.
Back in July, CrowdProperty’s chief executive Mike Bristow (pictured) told Peer2Peer Finance News that the money would go towards developing its technology and the launch of further products in the small- and medium-sized enterprise (SME) property development space. He said the platform had “rapid” growth plans.
The property platform has now raised a total of £3.9m in equity capital, following a £1.1m fundraise in March 2019 and £900,000 back in November 2017.
“Having step-changed all business metrics since our last fundraise in March 2019 and proven the profitability of the business model whilst still investing in growth, we’ve yet again proven that we can scale rapidly and add considerable value with equity capital investment,” Bristow said in today’s announcement.
“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.”