Property fintech firm secures $60M in Series C funding round

November 4, 2019
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Investors rush to find alternatives to stocks and bonds as the economy heads downwards—turn to real estate

That’s benefiting PeerStreet and financial technology startups like it.

Since 2013 Los Angeles-based PeerStreet has been operating an investment platform that makes it easy for investors to purchase real estate debt. The startup purchases loans from private lenders around the country, aggregates them and creates a pool of loans that investors on the platform buy shares in.

Most of the loans are short term ranging from six to twenty four months and are underwritten with LTVs of under 75%. Lenders on the platform use the investors capital to lend to people who buy real estate investment property to flip or generate income.

Growing interest in these types of investments is one of the reasons PeerStreet just closed a $60 million Series C round of venture funding led by Colchis Capital and a consortium of institutional investors. Existing investors Andreessen Horowitz, World Innovation Lab and Thomvest Ventures also participated.

Brett Crosby, PeerStreet’s Co-Founder said he was excited about this round because of the type of investors PeerStreet is bringing on. “We had multiple term sheets and opportunities,” said Crosby. “In this round we went with investors who can expand our business and bring on people who are in the debt buying space.” Colchis Capital has been a strategic partner of PeerStreet for years as an investor and also offering loans on the marketplace.

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