GROUNDFLOOR Doubles Year-Over-Year Revenue And Exceeds $100
ATLANTA, March 2, 2020 /PRNewswire/ -- GROUNDFLOOR, the alternative investments platform that allows everyone to build wealth through real estate, is announcing a record year of growth, alongside plans to continue adding significant scale in 2020. Last year, the company launched multiple first-to-market products and raised more than $6.7M from its customer base which brought the company to its goal of 20 percent public ownership. Nearly 3,200 individuals now hold common stock in GROUNDFLOOR itself.
Additional momentum for 2019 included:
- Doubling year-over-year non-GAAP revenue (112%)
- Surpassing $100M in annual investment volume and 75,000 registered users
- Financing more than 1,200 real estate projects nationwide since inception
- Doubling year-over-year loan origination volume
- Launching new products such as self-directed IRAs, split loans and the QC Maxx pre-qualification program
As a result of the company's growth and continued innovations, GROUNDFLOOR won nine major industry awards. Most recently, the Atlanta-based startup was recognized as one of the Top 10 Most Innovative Companies by the Technology Association of Georgia.
GROUNDFLOOR plans to continue scaling in 2020. The company recently hired a new head of inside sales in Nathan Coleman, a proven sales tech leader with prior roles at Sinch, GreenSky and RentPath. Additionally, the company hired a new head of Asset Management in Dave Wilson, a veteran in commercial real estate management with leadership experience in Asset Services at Corelogic, Marcus & Millichap and Grubb & Ellis. GROUNDFLOOR plans to add 30+ new employees to its roster to continue building out its software engineering, sales, loan origination, operations, finance, and HR teams.
"Nick and I started GROUNDFLOOR seven years ago with an ambitious vision for capital markets and new ideas that many industry experts doubted could work," said Brian Dally, co-founder and CEO. "We're extremely pleased with the company's success to date and our ability to recruit and hire such experienced talent to help us go from zero to one, and on to nine-figure scale. Our 2019 results speak for themselves: GROUNDFLOOR is truly opening private capital markets to everyone. That mission is resonating."
For the past six years, participants in GROUNDFLOOR real estate loans have earned annualized returns averaging 10 to 12 percent in a 6 to 12 month timeframe. No prior real estate knowledge is needed and the $10 minimum is an intentionally low barrier to diversification, giving everyone the ability to build wealth in real estate while controlling their exposure to risk. To date, GROUNDFLOOR remains the only platform offering direct participation in individual real estate investments to all on a broad scale, regardless of income or net worth.
Founded in 2013, GROUNDFLOOR opens private capital markets to all. GROUNDFLOOR was the first company qualified by the U.S. Securities & Exchange Commission to offer direct real estate debt investments via Regulation A for non-accredited and accredited investors alike. Today, it remains the only product offering everyone the ability to build fully customizable real estate debt portfolios for short-term, high-yield returns. The company is headquartered in Atlanta and has raised $22M in equity capital from a variety of sources, including venture capital and online public equity offerings. As of its most recent round of financing in 2019, the company is 20 percent customer-owned.
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SOURCE Groundfloor Finance Inc.