Online lettings agency easyProperty says it has exceeded its overall fundraising target by 30 per cent raising £9.75m through a mix of crowdfunding and private investment.
It is thought to be the first time a simultaneous mix of crowdfunding and private investment has been used to fund expansion plans for a property company.
Over 1.3 million shares in the firm were purchased at a cost of £7.13 per share, with retail and professional investors offered early stage involvement in the company.
The private investment process driven by Chrystal Capital secured £8.35m investment from a range of companies and High Net Worth Individuals.
As reported last month on Letting Agent Today, easyProperty also over-subscribed by 42 per cent on the crowdfunding platform Crowdcube, raising £1.42m. The minimum investment was set at just £500, although it achieved individual investments of up to £200,000.
Originally, crowdfunding investors were offered over a 1.5 per cent stake in the online business, but the overfund lead to 2.12 per cent equity being taken.
Rob Ellice, easyProperty chief executive, says he is overwhelmed by this response.... revealing how much faith is being placed in the online marketplace.
The online agency still proposes to expand into sales in spring 2015.