US property platform CrowdStreet raises $43m
US-based property investing platform CrowdStreet has raised $43m (£38.8m) in a mix of debt finance and equity capital to fund its expansion into wealth management.
This is the platform’s first fundraising effort in almost three years, and represents more than three times the amount raised during its last funding round in November 2019.
The money will be used to improve its technology and transform both the investing experience and its investment management tools.
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The funding came from financial services company TIAA, which is investing through its newly launched TIAA Ventures programme; as well as Cypress Equity Investments, The Dinerstein Companies, Foulger-Pratt, Grotech Ventures and Seven Peaks Ventures.
“We are pleased to count so many of these leaders from across the industry as customers, partners, and now, with their participation in this fundraising round, strategic investors,” said Tore Steen, chief executive officer of CrowdStreet.
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“They know us better than anyone and share our vision for the future of commercial real estate investing. With their support, we can accelerate our efforts to provide even more investing products, helping investors build their financial freedom through direct real estate investing.”
To date, CrowdStreet has raised more than $3.6bn for over 670 different commercial real estate projects across the US.
The platform will soon expand into wealth management, allowing financial advisors to support clients in adding commercial real estate to their portfolios.
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