Landbay raises GBP 1.6 mln in Seedrs funding round

Landbay, which specialises in buy-to-let mortgages, caught the attention of 278 investors in its latest funding round. The initial amount sought was GBP 1.25 million.

The company has raised GBP 6.4m via Seedrs in the last four years. Landbay said it plans to spend half of the new money raised on technology, with the remaining half split evenly between marketing and general operating expenses.

Landbay is the third most active company on Seedrs’ 10-month-old secondary market, which allows investors to buy and sell shares in businesses funded on Seedrs.

Landbay has lent more than GBP 100 million cumulatively. The average loan-to-value on the properties financed – an indication of the riskiness of the loans – is 67.55%, according to its most recent loan book.