Overfunding: Verto Homes Tops £1M Funding Goal Less Than a Week on Crowdcube

VertoHomes 1

Just a few days after launching its equity crowdfunding campaign on Crowdcube, AngelsDen and Funding Circle’s alum, Verto Homes, has successfully secured its initial £1 million funding goal. The initiative is currently sitting at over £1.3M (with the largest investment being £500,000).

VertoHomes 2As previously reported, the London-based builder designs, builds, and sells intelligent, sustainable homes that produce and store clean energy from the sun. The homes are said not to burn fossil fuels for lighting or heat and each is featured automation technology and is controlled by a smartphone app, called Vesta, which was launched on iTunes in 2015.  The homes are available starting at £190,000. The company was founded in 2010 by entrepreneurs, Tom Carr and Richard Pearce.

Tom and Richard set up Verto Homes because the way homes are built in the UK has to change and it has to change now. Why? Because the national house builders have been building the same traditional and highly unsustainable homes for decades and it is dramatically contributing to global warming. In total 27% of the UK’s carbon emissions come from the residential housing sector, so if we want to reduce people’s carbon footprint, their homes are the obvious place to start.”

Verto stated they have built 37 homes with a “gross development value” of around £12 million. Verto points to a funding round on Angels Den where they raised £900,000. The money was said to be used to purchase Hilgrove Mews.  Verto says they have raised £4.4 million in private equity for site purchases to date.

After successfully securing the 1 million, the Verto Team stated:

Thank you so much to everyone who has pledged so far, we cannot believe the amount of support we have received. Due to an incredible response to our pitch and demand from people wanting to get involved, we are going to leave the raise open a little while longer. We will be monitoring it closely, so if you are thinking about getting involved, please do so before its too late.”

The success of the Verto crowdfunding campaign was also joined by some questions about the founders. FantasyEquityCrowdfunding has pointed to a former project, Manor Rose as now being in liquidation following a legal action. A representative from the platform told Crowdfund Insider that both founders had departed Manor Rose prior to the allegations and associated legal action and were not involved.

The campaign is set to close mid-August.

 


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