There's a crowdfunding marketplace that connects both non-accredited and accredited investors involved in real estate opportunities in Atlanta. Launched in 2013, Groundfloor has been innovating ways in which these entrepreneurs can get access to capital.
So it’s only natural that, for its next round of financing, the company would try something new itself.
Following a successful national rollout of its product at the beginning of the year, the company closed a $2.05 million debt offering, per an SEC filing, in early January. The capital is positioned as bridge financing to prepare for the company’s next round of funding, which – in keeping with its own platform’s innovative approach to fundraising – will be through an online public offering, according to Brian Dally, CEO of Groundfloor.
Groundfloor’s last official round, in 2015, was a $5 million Series A from VC firm Fintech Ventures, which brought its total funding to $7.6 million. Yet, for the company’s upcoming Series B, with the business growing, Dally began thinking about going in a different direction, one that mirrored its model.
“We decided to go to our customers,” Dally said.
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