CrowdProperty, a UK-based property peer to peer lender, has surpassed the £600,000 target for its crowdfunding campaign on Seedrs.
The startup, which has full FCA authorisation and has surpassed the £10m lending milestone, has raised £628,869 in return for 9.23 per cent equity. The business has a pre-money valuation of £5.9m.
Its pre-series A equity round on Seedrs will fund investment in talent, tech development and marketing according to CrowdProperty. Founded in 2013, CrowdProperty claims to have been responsible for £10.7m of development finance loans between private individuals and UK professional property businesses with a database of over 6,000 registered users.
Simon Zutshi, CrowdProperty CEO, said: “I am delighted that we have now proven this model of helping successful property developers fund their projects and reliably delivering secured returns to lenders. All of the recent project launches have been quickly funded by our eager and loyal base of lenders, which clearly demonstrates the traction we have built in our brand.
“Over the last year, we have focused on our platform technology and processes and now we are ready to scale this business to its full potential. This will not only benefit our lenders, but also help and support SME developers, who often struggle to raise funds from hesitant banks, to access the essential funding they need to help address the UK housing crisis”
Investment in PropTech startups has been on the rise in recent months. P2P renting marketplace Roomi recently bagged an $11m Series A funding round led by Atami Capital.
No Agent, a property management solution for landlords also collected a $1.1m investment from a group of private investors this month. While, Compass, an end-to-end solution that supports buying and selling workflow for the real estate sector, closed its Series E investment round on $100m.
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