Real estate crowdfunding portal iFunding is going to the crowd to raise capital for its young platform. iFunding has launched an equity crowdfunding round on Crowdfunder to raise up to $2 million. The minimum raise is for $1 million. Individual investors may participate beginning at $10,000. Pre-money valuation stands at $20 million. A series A venture round is said to occur in 2015. iFunding will use the additional capital to expand operations, boost technology and grow sales.
iFunding was founded by William Skelley, along with co-founders Jules Kwan, Sohin Shah and S. Alice Chen. The real estate funding company quickly created a solid group of managers and advisors to establish their foothold in the fast moving real estate crowdfunding space. iFunding claims former New York Governor David Patterson as its Community Director.
William Skelley commented on the funding round;
“Our team is excited to have been working with thousands of investors and real estate developers in our first full year of operations. Now, we plan to expand our real estate operations, enhance our technology platform with more user-friendly features, and broaden our marketing and sales activities to reach more investors and developers. Our growth also creates a compelling case for investors to participate in this early success stage of our company.”
Co-Founder, Sohin Shah, added that “the crowdfunding approach to our own fundraising was an easy decision for us. It opens this opportunity to a broad audience, as people can own shares in iFunding for as little as $10,000.”
The company states it has raised tens of millions of dollars for projects ranging from new home construction or refurbishments, to commercial spaces, condominium communities, mobile home parks, apartments and mixed-use urban facilities. This past September, Crowdfund Insider reported the platform had raised over $31 million for over 25 different projects. Individual accredited investors may participate in either debt or equity projects starting at $5000. iFunding has also set up a beachhead in Asia to expand their platforms reach.
iFunding stated that at least in part their decision to use Crowdfunder was due to the over 77,000 registered investors and $56 million of committed investments to date. Crowdfunder was the platform that raised over $4 million for the high profile Pono project by Neil Young.
Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!