Our Crowdfunding Network Is Growing Part 15

Today was a nice milestone day for us on Fundrise. We hit the 100-investor mark today with $7.36M in notional funds committed. We are getting 2-3 investors per day from the site now and I am making headway getting their legal folks on the phone to nail down how things work. We should hopefully have a test the waters campaign on the site soon and some engagement agreements signed for our new fund.

Our first crowdfunded deal on iFunding is up to 48.9% funded in 6 days of effort. Hopefully we'll have that fully subscribed in the next calendar week.

I have completed a first pass on reviewing all the crowdfunding sites now. Many were eliminated because their site was either not functional, too small, or seemed to be targeted at the portal owner's deals. These are the ones that are left that are suitable for our current ground-up development type deals:

1. iFunding

2. Fundrise

3. RealCrowd - They know securities and I am hoping to convince them to do our deals ;-)

To be vetted/screened:

4. CrowdStreet

5. Groundfloor

6. GroundBreaker

I am hoping to settle on 3 main portals to work with. We're also still considering doing our own portal and those discussions are progressing. We understand the industry model pretty well now and how the apparatus would be set up.

RealtyShares is set up to take international money under Regulation S. That is the only portal I have found offering this right now, but they don't do ground-up development deals. That's too bad and I plan to quiz people on this going forward to see if other portals will offer it.

We had our 2nd meeting with the PR company and our skeletal website is built. The UI and copy need to be cleaned up and we'll likely have to iterate on the site design to attract investors and use a CRM system to interact with them. I hope to be marketing heavily in 3-4 months and we'll hopefully have a new fund in around 6 months tops. The hard work over the last few months is paying off and I think the early adopters to crowdfunding are going to do quite well.