CrowdProperty

CrowdProperty closes £1.8m equity funding round



CrowdProperty has closed a £1.8m equity funding round to further step change the business.

203_2021-10-11-04-53-12pm.gif

The fundraise — the third it has done in partnership with equity crowdfunding platform Seedrs — was 227% funded against an initial £800,000 target. 

The campaign was backed by 793 investors and proved particularly popular among both lending and borrowing CrowdProperty customers.

The business has now raised a total of £3.9m in equity capital, having raised £900,000 in November 2017 and £1.1m in March 2019. 

In July, CrowdProperty also signed a £300m institutional funding line agreement with a new major investment manager.

The lending platform has now funded the development of 1,535 homes worth £309m, originating £187m of agreed facilities and lending £146m to date. 

This has supported over £120m of spend on labour, materials and services in the UK economy.

Mike Bristow, chief executive at CrowdProperty (pictured above), said: “Having step changed all business metrics since our last fundraise in March 2019, and proven the profitability of the business model while still investing in growth, we’ve yet again shown that we can scale rapidly and add considerable value with equity capital investment. 

“This round is to further [progress] the business and realise our potential quicker in our mission to transform property finance [and] 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. 

“Despite having supported over £300m of property projects to date, we are still relatively early on in fulfilling our potential.

“We’ve built a very strong pipeline that currently stands at £322m of progressed quality lending opportunities, putting us firmly on track to provide £400m-plus of lending per annum by 2024, 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.”



Leave a comment