RealtyShares, a real estate crowdfunding platform based in San Francisco, California, has raised $10 million from Menlo Ventures and General Catalyst Partners to expand its operation. Having already raised $1.9 million from General Catalyst Partners, 500 Startups, and more, RealtyShares is now ready to compete in a growing real estate crowdfunding industry.
“Athwal [the CEO] says the company is receiving about 1,000 applications a month from borrowers, which is up from about 300 at the end of 2014.” reported a recent TechCrunch article. “It then does the work of narrowing down which projects it makes available to potential investors. According to Athwal, in March investors on its platform funded about 15 deals to the tune of $7 million.”
The company aims to compete in an increasingly popular landscape which has seen a tremendous amount of growth in the past year. It can be argued that real estate crowdfunding is the breakout success of equity crowdfunding as a whole, which has yet to be enacted fully in the United States after the passage of the JOBS Act.
For more information on how RealtyShares works, check out the video below.
