A venture capital-backed property advertising portal looking to raise £300,000 via crowdfunding website Crowdcube has met over 70 per cent of its target in two days.
Eastleigh-based LocalPropertyIndex said Jenson Seed EIS Fund, a joint venture between fund manager Foresight Group and professional services company Jenson Solutions, has decided to invest £150,000 in the company.
In its pitch, the business said it plans to differentiate itself from competitors by allowing clients to advertise property listings for free and pay £3.95 per enquiry rather than a flat monthly fee.
The funds will be used to take the company to break-even within 13 months, create a marketing awareness campaign, fund the recruitment of a sales team, increase investment in Search Engine Optimisation and make technical and design improvements to the website.
CEO Gary Smith, who listed his previous business on the London Stock Exchange, has eight years' experience of managing property advertisement websites.
At the time of publishing, the company had raised nearly £223,000.