CrowdStreet, a property investment marketplace, has closed its Series B on $8m, and will be used for its next stage of growth.
Grotech Ventures served as the lead investor, with contributions also came from existing backers Rally Ventures, Seven Peaks Ventures and Green Visor Capital. The series also picked up support from strategic investor Waze CEO Noam Bardin.
As part of the deal, Grotech Ventures general partner Lawson DeVries has joined CrowdStreet’s board of directors.
Crowdstreet is a commercial real estate investment marketplace, technology and professional services company. Investors can use the platform to directly access institutional-quality property opportunities to invest in.
CRE developers and operators van use CrowdStreet as a means to manage investors and investments and to raise new capital for their business.
There are over 100,000 investors using CrowdStreet, and since its launch there has been more than 220 offerings, which have pulled in a total of $320m.
With this batch of funding, the company will look to develop new products and services and provide consumers with a broader selection of investment vehicles. Some of the proceeds will also go towards boosting the customer experience and expanding sales and marketing efforts.
CrowdStreet CEO Tore Steen said, “CrowdStreet is fundamentally changing the way people invest in commercial real estate.
“Previously, investors and sponsors could not transact with each other, but CrowdStreet, with our software and marketplace, has changed that. Hundreds of sponsors and thousands of investors now use the CrowdStreet platform to raise capital and invest in real estate to build wealth.”
Earlier in the year, Grotech Ventures took part in the $10m funding round of automated accounting and reporting company Ceterus.
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