[Photo by R. Lopez]
It's been quite the year for Fundrise. Their newest crowdsourced project in Shaw is currently 99% funded and that's just the neighborhood support. They've also recently received $31 million from real estate and technology investors like Renren Inc. (a Chinese social media company) and Silverstein Properties (a New York developer). What doest this all mean? Among other things, it means that the rest of the world is taking their crowdfunding model more seriously. Last year, Fundrise's efforts appeared in the New York Times and co-founder Daniel Miller was named one of Curbed's Young Guns last year but several investors still questioned whether this was a viable business model. Perhaps this is their wake up call.
· $31M fund raise gives meteoric boost to D.C.'s Fundrise [WBJ]
· Fundrise faces off with skeptical financial services industry over crowd-funded real estate [WaPo]
· ashington Projects Invite the Small Local Investor [NYT]
· All Fundrise Coverage [CDC]