Groundfloor, an Atlanta, GA-based wealthtech platform that allows everyone to build wealth through real estate, raised $118m in funding.
The mixed funding round included:
- $5.8 million in equity from Medipower, as well as
- $7.2 million in equity from more than 3,600 individual investors via SeedInvest, and
- $5.0 million in convertible notes from 86 individual investors via Groundfloor’s own platform.
Additionally, as part of the strategic partnership, in its first year Medipower plans to invest up to $100m via Groundfloor’s investment platform and up to an additional $220m in the second year. Medipower’s Chairman Yair Goldfinger will join Groundfloor’s board.
The company plans to use these funds to scale its operations, with a focus on customer acquisition and product development. Groundfloor is hiring another 50 new employees in 2022, to nearly double in size, while rolling out its second mobile app and expanding into dedicated markets. Already this year, Groundfloor announced plans to create a local lending footprint in Jacksonville, Florida as the first of many local joint venture partnerships to come.
Founded in 2013 by CEO Brian Dally, Groundfloor is an wealthtech platform that allows everyone to build wealth through real estate. Groundfloor was the first company qualified by the U.S. Securities & Exchange Commission to offer direct real estate debt investments via Regulation A for non-accredited and accredited investors alike. To date, Groundfloor has raised $41.8m in funding from a variety of sources, including venture capital and online public equity offerings.
FinSMEs
21/02/2022