PeerStreet, a Los Angeles, CA-based platform for investing in real estate backed loans, closed a $29.5m Series B funding round.
The round was led by World Innovation Lab, with participation from existing investors Andreessen Horowitz, Thomvest, Colchis Capital, Felicis Ventures, and others and new investors Solon Mack and Navitas Capital. In conjunction with the funding, Steve Pretre, Venture Partner at World Innovation Lab, will be joining PeerStreet’s board.
The company intends to use the funds to accelerate growth, broadening the type of real estate loans from its network of lenders and hiring more talent.
Led by Brew Johnson, CEO and Co-Founder, and Brett Crosby, COO and Co-Founder, PeerStreet connects lenders with investors while creating incentives that align interests across participants. Real estate lenders are efficiently connected to the global capital markets while individual investors gain entry to an asset class which has been previously difficult to access.
To date, PeerStreet has funded over $900 million in loan volume.
The platform is now integrated with three prominent personal finance platforms including Wealthfront, Betterment, and Personal Capital. It has also enhanced its suite of tools and analytics for lenders over the past year, and released an innovative short term investment product for investors seeking greater liquidity.