Real estate startup PeerStreet has raised $29.5 million in a Series B, which will be used to fund new loans on the platform as well as for general expansion, the company announced.
World Innovation Lab led this round, with existing investors such as Andreessen Horowitz and Felicis Ventures also taking part.
PeerStreet’s platform aggregates loans from private lenders, accredited investors, or entrepreneurs, allowing the loans to have a lower cost and shorter term than most traditional mortgage loans, company CEO and co-founder Brew Johnson told the Wall Street Journal.
The company has funded over $900 million in loans to date. Investors have shown “strong interest” on the platform, Johnson told the WSJ, as such loans are not widely available to accredited investors searching for more liquidity.
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