Three years after founding Fundrise with his brother Benjamin, Daniel Miller is leaving the real estate crowdfunding startup.
Miller’s future plans are unknown, and it’s not immediately clear who, if anyone, will take over his role at the company.
The two brothers – Daniel is 28, Benjamin is 38 – founded the company in August 2012. It’s since grown to serve 60,000 investors, sourcing nearly $50 million in crowd-funded cash this year, with another $100 million expected by the end of the year.
The firm operates in four U.S. cities – New York, Los Angeles, Washington, D.C. and San Francisco – with plans to move into three more. It’s also recently expanded to Australia, Britain and Canada, becoming only the second crowdfunding platform to move abroad, the New York Observer reported.
After working for years on small-scale projects, Fundrise – which has raised over $60 million in venture capital to date – has upped its ambitions. But in the process, it’s also reduced its reliance on actual crowdfunding, instead gravitating toward traditional institutional lending.
Daniel Miller sat on a crowdfunding panel at The Real Deal’s New Development Showcase and Forum in June, explaining the company’s business practices and lobbying activities. [NYO] – Ariel Stulberg