Chinese social networking platform Renren (NYSE: RENN) led a $31 million financing round in Fundrise, a U.S. crowdfunding startup that finances commercial real estate projects for investors. Other investors of the landmark round include execs from New York developer Silverstein Properties, the Collaborative Fund, among others.

With this financing, Fundrise intends to expand its offerings to institutional investors interested in direct exposure to real estate. It also planned to increase presence in more major U.S. cities.

Founded in 2010 by brothers Ben and Daniel Miller, Fundrise allows both high net worth and small-scale investors to invest in properties for as little as $100 per share. According to the company, it has funneled more than $15 million investments to date from more than 1,000 investors online.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.