Real estate crowdfunding portal iFunding raised $2M in capital on its equity crowdfunding round on Crowdfunder. Pre-money valuation stands at $20 million. iFunding will use the additional capital to expand operations, boost technology and grow sales. The company generated nearly $1M in commitments in just 48 hours according to a Crowdfunder emailed brief.
iFunding was founded by William Skelley, along with co-founders Jules Kwan, Sohin Shah and S. Alice Chen. The real estate funding company quickly created a solid group of managers and advisors to establish their foothold in the fast moving real estate crowdfunding space.
The company states it has raised tens of millions of dollars for projects ranging from new home construction or refurbishments, to commercial spaces, condominium communities, mobile home parks, apartments and mixed-use urban facilities. This past September, Crowdfund Insider reported the platform had raised over $31 million for over 25 different projects. Individual accredited investors may participate in either debt or equity projects starting at $5000. iFunding has also set up a beachhead in Asia to expand their platforms reach. For more iFunding campaign details and financial information, registered Crowdfunders may click here.
**Update: According to The Real Deal, the partnership between iFunding and former New York Gov. David Paterson turned sour, “A year after the real estate crowdfunding startup announced New York’s former governor had joined its board, the two sides are no longer on speaking terms. Instead, they have exchanged a series of bizarre accusations, involving questionable EB-5 deals, an alleged travel ban and supposedly dire financial straits. Taken together, they paint a picture of all that can go wrong when a fledgling startup and a career politician partner up.”
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