Groundfloor, an Atlanta, Georgia-based microlending community for real estate, raised $1m in seed funding.
Backers included angel investors Michael Olander, Bruce Boehm, Mark Easley Sr. and Inception Micro-Angel Fund.
The company intends to use the funds to grow its business. It has joined the Atlanta Tech Village and plans to make at least five strategic hires before the end of the year.
Founded in March 2013 by Brian Dally and Nick Bhargava, Groundfloor creates new investment opportunities for non-accredited investors and streamlines access to financing for independent builders looking to fund their next project. Once a project is listed, community members can back builders with secured loans that pay 8-12% annually.