Italy-based online real estate agency HomePal surpassed its equity crowdfunding target almost a week before the set deadline.
The website announced the end of its crowdfunding campaign, which began Feb. 11 and raised €2.7 million ($3.2 million U.S.) from more than 600 investors.
The drive, which was set to expire on Apr. 11, is one of the largest carried out in Italy through an equity crowdfunding platform.
Assisted by advisor Cross Border Growth Capital, HomePal hit the initial goal of €1 million in three days and reached €2 million in a month.
The funds will be used to hire new employees, upgrade the website and property evaluation engine, develop a new app and invest in branding, according a blog post by the company.
“On May 4th, we begin a new advertising campaign on Sky Networks and we are finalizing our new site, which will be active in September,” said Monica Regazzi, CEO of HomePal.
The real estate vertical expects revenue to increase €3.5 million this year from €2 million in 2020. For comparison, the leading real estate marketplace Immobiliare.it experienced a turnover of $80.8 million U.S. in 2019.