EstatesDirect, which describes itself as the UK’s first ‘hybrid’ model estate agency, has raised at least double its initial target through crowdfunding.

The company, chaired by former Poundland boss Steve Smith, listed on Crowdcube in March with an initial target of £250,000.

According to EstatesDirect, it reached this target easily and then decided to embark on another 14-day round of funding this month, to raise a maximum total equity of 10% in the company.

The pitch is now no longer live, and it is not possible to see exactly what was raised.

According to the local government news service Dash, £660,000 was raised, while on Facebook, the firm thanks investors for having ploughed in £500,000, saying the company broke records in being one of the fastest ever to achieve that amount.

Smith said the response had been “unprecedented”.

He added: “I believe the reason so many people have invested is because EstatesDirect.com is not just another online estate agency.

“We have a number of franchised businesses, licensees and local agents, who provide the expertise and personalised service of a high-street estate agent, which we know is still very important to customers when buying, selling or letting their property.

“Many experts in the property industry agree that this model is where the housing market is heading, and our investment success marks the start of a period of rapid growth for EstatesDirect.com. We’re looking forward to seeing what the future holds.”

EstatesDirect.com was founded in 2012 by Darren Richards, who founded dating agency Match and subsequently property portal Property Index, and entrepreneur Ben Grove.

Its model is said to combine online estate agency with regional property experts who can meet customers face-to-face.