GROUNDFLOOR, an Atlanta-based investment and lending platform for real estate loans, is raising a $10 million round through crowdfunding platform SeedInvest.
As of 1:30 p.m. May 29, the startup has raised more than $637,000 of the $10 million round in its first week of opening the investment. The new funding would bring GROUNDFLOOR’s total raise to about $28.3 million.
CEO and co-founder Brian Dally said the funding will be used for expanding product categories and customer acquisition.
“We’re just excited, too, about what this capital can do to reach the next stage of growth,” he said. “This is going to be an important inflection point for the company and I think it comes at a very interesting time.
When asked what it felt like to have garnered so much of the company’s goal investment in the first week, Dally said the interest further validates GROUNDFLOOR’s mission.
“It feels awesome,” he said. “As an entrepreneur, you always hope the problem you see in the world is an important one. You always hope the solution you’ve envisioned and worked on is a good one and other people want to be a part of it… We know that the product works and we have a track record to prove that, but it always feels good when people vote with their investment capital. It’s just always satisfying.”