CrowdProperty Australia is looking to raise AUS$1.25m (£665,000) in seed funding this month to scale up the business.
The Australian arm of the UK-based peer-to-peer lending platform said that its pre-seed round was oversubscribed by 50 per cent and it already has “strong interest” from investors for its upcoming seed round.
Since launching in May, CrowdProperty Australia said it has already reviewed over AUS$100m worth of small- and medium-sized enterprise property projects and financed three projects for over AUS$2.3m.
Plans for a funding round in Australia follow CrowdProperty UK’s oversubscribed equity raise which closed earlier this month.
The UK platform raised £1.8m on Seedrs, surpassing its £800,000 target.
“We have built a very strong pipeline that currently stands at £322m of progressed quality lending opportunities in the UK, and we see the Australian pipeline growing strongly,” said Mike Bristow, chief executive of CrowdProperty UK and director of the Australian joint venture.
“All of this is underpinned by a highly scalable, in-house built, proprietary technology platform, scalable capital sources and deep expertise in exactly the asset class being lent against.”