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Groundfloor raises $4.3 million; launches IPO

February 21, 2018 by ei2admin

Groundfloor co-founder and CEO Brian Dally.
Groundfloor co-founder and CEO Brian Dally.

Groundfloor, the first issuer qualified by the U.S. Securities & Exchange Commission to offer real estate-based payment dependent notes that are available to non-accredited investors, raised $4.3 million from 687 participating investors in a combination of two recent financings, a private online bridge note closed late last year, and an initial closing of its online public offering of equity.

In each case, the company kicked off the invitation-only raises to customers and friends of the company with a $1 million target, and surpassed that in less than 48 hours. Due to increased growth opportunities and demand, the company also announced it expanded the equity raise to the public.

Groundlfloor is a financial technology company in the Advanced Technology Development Center’s ATDC Signature portfolio of startups. ATDC is a program of the Georgia Institute of Technology and is the state of Georgia’s technology incubator.

The company specializes in lending for single-family or small multi-family home rehabilitation and renovation loans and also provides access to short-term, high-yield returns with a minimum investment of as little as $10.

To date, Groundfloor has originated over 417 loans worth more than $54 million.

The number of investments on the platform grew by 100 percent in 2017, from 25,602 in 2016 to 52,153 in 2017.

Also in 2017, Groundfloor announced a partnership with its first institutional investor, Direct Access Capital (DAC), and the company recently earned a historic qualification under Tier II of Regulation A to launch nationwide.

Category iconBlog,  FinTech,  News from Our Companies Tag iconatdc,  FinTech,  Groundfloor

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