The funding places a £29m valuation on the company.
The House Crowd currently enables investors to take part in development or bridging loans for property, however, Frazer Fearnhead told Peer2Peer Finance News that the fresh capital would be used to expand the product range.
“We put out a message this week and we have already had over 360 people pledge or express interest in funding us, which is very encouraging,” he said.
Other objectives for the cash include the creation of a new brand to target younger millennial investors with lower minimum investment amounts, called Money Mog.
Fearnhead also said that The House Crowd would be launching a secondary market that it’s partnered with blockchain startup ASMX to integrate and that the company would be white-labeling a SIPP product for investors on other platforms to integrate P2P property in their pensions.
Since launching in January 2013 The House Crowd has paid out against 1,331 projects, returning £45.5m to investors with an additional £5.79m in interest.
AltFi has asked The House Crowd when its crowdfunding campaign is set to launch.