CrowdProperty recently returned to Seedrs to raise growth capital once again. This time, the Proptech raised over £1.8 million from 793 investors. The offering was initial pegged at a target of £800,000. Investors purchased equity at a pre-money valuation of £29.4 million. The offering was EIS eligible and will be available on the Seedrs Secondary Market thus providing shareholders with a near-term liquidity path.
In total, CrowdProperty has now raised £3.9m in equity capital having raised £900,000 in November 2017 and £1.1 million in March 2019. This most recent funding round was preceded by the announcement that the investment platform had received £300 million in an institutional funding line.
Mike Bristow, Chief Executive of CrowdProperty, issued the following statement on the funding round:
“Having step-changed all business metrics since our last fundraise in March 2019 and proven the profitability of the business model whilst still investing in growth, we’ve yet again proven that we can scale rapidly and add considerable value with equity capital investment. This round is to further step change the business and to realise our potential quicker in our mission to transform property finance – to 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 £300,000,000 of property projects to date, we are still relatively early on in fulfilling our potential.”
Bristow added that this round will help them further grow the volume of property projects originated and funded by CrowdProperty.
“We have built a very strong pipeline that currently stands at £322 million of progressed quality lending opportunities, putting us firmly on track to provide £400 million+ of lending p.a. 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.”
CrowdProperty reports that it has now funded the development of 1,535 homes worth £309,000,000, originating £187,000,000 of agreed facilities and lending £146,000,000 to date.
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