David Ingram/CrowdProperty Australia.
Australian arm of CrowdProperty raises $1.5m from local property investors
Having launched in May, CrowdProperty Australia has already assessed over $120m in development projects.
Its fresh funding comes from property developer Oscar Done and early-stage investors Alex Retzlaff and Jeff Lewis, former VP of technology at TripAdvisor.
CrowdProperty Australia CEO and co-founder David Ingram called the round “the smoothest capital raise I’ve managed for a start-up.”
“We had a lot of interest from family offices and wealth managers who saw value in our direct origination of quality residential developments, and from experienced property developers who appreciate the pain points we are helping to solve in their world. Then we had serial tech entrepreneurs who saw our potential to scale the solution.”
The round was reportedly oversubscribed by 20 per cent, with strong interest in CrowdProperty’s plan to replicate its success in Australia.
Back in the UK, CrowdProperty raised a £1.8m crowdfunding round in August on Seedrs, and to date has assessed over £4.5bn worth of property development projects in the last seven years and has lent £145m across those projects.
“Our focus is taking action to further step change the businesses in order to realise our potential quicker in our mission to transform property development finance,” said UK CEO Mike Bristow.