News
Crowdfunding Platform Patch of Land Raises $23.6M
Real estate crowdfunding platform Patch of Land has vaulted toward the front of the emerging sector's pack after raising $23.6M in a Series A fundraising round. Investors in the California-based start-up included SF Capital Group and Ron Suber, the chief of lending platform Prosper. To put this round in perspective, Path of Land's rival Fundrise last year raised $31M from investors as prominent as Silverstein Properties chief Marty Burger. (Patch of Land differs from Fundrise and other big crowdfunding players since it is peer-to-peer.) CEO Jason Fritton said the firm has originated $15M of loans and will now be able to expand with $1M to $5M loans with three- to five-year terms. [TRD]
