Rise Companies, the US-based corporation behind the Fundrise real estate crowdfunding site, has raised more than $31m in its series A round from a consortium led by Renren, a New York-listed, China-focused social network.
Other investors included alternative investments firms AckmanZiff Real Estate Group and Berman Enterprises; the Collaborative Fund and angels Marty Burger and Tal Kerret, the CEO and chief investment officer of Silverstein Properties; Rich Boyle, former chairman and CEO of Loopnet; Scott Plank, formerly of Under Armour; and California real estate developer Chris Rising.
Joseph Chen, chairman and CEO of Renren, said: “We have seen crowdfunding sweep through large verticals of consumer finance, including student loans and credit card debt. The real estate market is the newest frontier for crowdbased financing.”
Brothers Ben and Dan Miller founded Fundrise in 2010, contributing $2m in seed funding.
– Photo courtesy of Infrogmation via Wikimedia Commons