Sharestates LLC, a real estate crowdfunding startup based in Great Neck, said Tuesday it received $30 million in investment funding from an affiliate of the Ranger Capital Group of Dallas. The money will be used to invest in real estate projects.
Sharestates, launched in July, matches investors with real estate developers looking for funds for activities such as purchasing property. It raises investment money through "crowdfunding," the practice of raising many small sums from a large number of people, typically via the Internet.
Sharestates spokesman Kevin Shane said Ranger will fund 50 to 80 percent of certain real estate projects identified by Sharestates, with money that is then augmented with crowdfunding investment money raised by Sharestates.
The Ranger money comes from its Ranger Direct Lending Fund.
Ranger intends to invest in residential, commercial, and mixed-use properties in New York, scaling its investments throughout the remainder of the year, the Sharestates announcement said.
"The opportunity allows Sharestates to further enhance and diversify its product offerings while continuing to expand its relationships within the real estate community," Sharestates chief executive Allen Shayanfekr said in a statement.
Ranger Capital Group, which trades on the London Stock Exchange, is an employee-owned holding company for registered investment advisers offering traditional and alternative investment opportunities to institutional and high net worth individual investors. Ranger's affiliated investment advisers manage more than $3 billion in assets.
Sharestates is private.