CrowdProperty Australia has raised AUS$1.5m (£810,000) in what it has described as a “smooth capital raise.”
The sister brand of UK peer-to-peer lender CrowdProperty said the money will help expand its small- and medium-sized enterprise (SME) development finance offering and investment opportunities.
The platform said the fundraise was oversubscribed by 20 per cent and included backing from well-known Australian developer Oscar Done, technology investor Alex Retzlaff.
Technology adviser Jeff Lewis, formerly vice president of technology at TripAdviser, was also involved in the funding round.
Read more: CrowdProperty makes raft of appointments
“This was the smoothest capital raise I’ve managed for a start-up — we had the luxury of being quite selective about who we invited to join the round,” David Ingram (pictured), co-founder of CrowdProperty Australia, said.
“We had a lot of interest from family offices and wealth managers who saw value in our direct origination of quality residential developments, and from experienced property developers who appreciate the pain points we are helping to solve in their world.
“Then we had serial technology entrepreneurs who saw our potential to scale the solution.”
CrowdProperty launched in Australia in May this year and has already assessed more than AUS$120m of property projects, funding three to date with AUS$17m under review.