easyProperty, the online estate agent from easyJet founder Sir Stelios Haji-Ioannou and property entrepreneur Rob Ellice, has smashed its overall fundraising target by 30 per cent, raising GBP9.75m through a mix of crowdfunding and private investment.
Over 1.3 million shares were purchased at a cost of GBP7.13 per share.
The fundraising approach used by easyProperty saw a mix of retail and professional investors offered early stage involvement in the company, which aims to make the business of buying, selling, letting and renting property simpler, less expensive and easier.
It is the first time a simultaneous mix of crowdfunding and private investment has been used to fund expansion of a property and tech company.
Alongside the GBP1.4m raised via crowdfunding on Crowdcube, the private investment process driven by Chrystal Capital secured GBP8.35m investment from a mix of family offices, companies and HNWIs.
As reported last month, easyProperty also over-subscribed by 42 per cent on the crowdfunding platform, Crowdcube, raising GBP1.42m. The minimum investment was set at just GBP500, although easyProperty achieved individual investments of up to GBP200,000. Originally, 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.
Ellice says: “Combining private fundraising and crowdfunding is an exciting example of how progressive easyProperty is. While it was unchartered territory, our success is demonstrative of how the world and specifically the property sector are ready to evolve and how we need to embrace new technology.
“We have been absolutely overwhelmed by this response, having exceeded all our fundraising targets, revealing how much faith is being placed in the online marketplace.
“We would like to welcome our newest stakeholders to the easyProperty team.”
