British Pearl launches crowdfunding campaign ahead of larger post-Brexit round

BRITISH Pearl has launched an £800,000 crowdfunding campaign, ahead of a larger fundraise it expects to launch post-Brexit.

The property investment platform previously raised £2.5m in a crowdfunding round on Seedrs in November 2018.

Its latest campaign has raised £640,889 as of Thursday 14 November, with £600,000 coming from an existing shareholder who has remained anonymous.

The first raise in November 2018 said 35 per cent of funds raised would be spent on sales and marketing, with 10 per cent on the property department, five per cent on professional services and 12 per cent to cover other costs.

Read more: Tory peer backs P2P property platform launch

Read more: British Pearl debuts API to open P2P property market

The latest raise appears more ambitious.

The pitch says 30 per cent of funds raised will go toward improving sales and 10 per cent will help extend property sourcing through partnerships in the European Union and America.

Another 30 per cent will develop platform features such as Open Banking, fund manager and intermediary portals and a security token offering.

The remaining 30 per cent of funds raised will be spent on other headcount and general operating and administrative expenses.

British Pearl said this fundraising round precedes what it expects to be a “larger and higher priced post-Brexit fundraising round in 2020.”