The earliest days of a startup are in retrospect ephemeral, but not while one is going through them. Nick and I incorporated Groundfloor two years ago today. That marked the critical crossroads where we decided to discontinue other side projects and commit our time to building this company together.
In the early going, we spent six months networking into and interviewing with law firms. That's how long it took to find one (Smith Anderson) that would partner with us to develop Nick's innovative securities law concepts. We'll have more to say about the first broadly significant fruits of that, 18 months in the making, very soon.
That first year, we also spent many months recruiting and working closely with another would-be co-founder who unfortunately couldn't stay with us. And we wooed Brian's former Republic Wireless comrades (now VPs Ben and Chris) for over six months of nights and weekends before they finally quit their jobs to join our quest with no pay, in a cramped one-room office (see photo above), and without any benefits.
Our first attempt to list a loan to fund wasn't successful (an equity partner interfered after months of effort). Then when we finally landed one, our first attempt to fund it failed--three times. We had been operating one full year when the company earned its first revenue, funding a $40,000 loan comprised of 39 people earning 8% on 905 Tift Avenue.
Since that first success, an online community of thousands has formed and funded sixteen more loans in Georgia for almost $1 million in total. Our borrowers have repaid over $300,000 on six loans (including Tift) with zero defaults. We've added six more people to our team, relocated our headquarters from Raleigh to Atlanta, and raised $1.5 million in operational seed capital.
As great as year two was, our third year is shaping up with even more promise. What began in Georgia as an uncertain pilot concept has developed into a solid product that's ready for broader distribution. While would-be competitors wait around for regulatory change, Groundfloor today stands as the only website where anyone can invest directly in short-term real estate loans, regardless of wealth or income.
Especially today as we take a brief look back, we're proud to have established and maintained that focus, excited about the opportunity to serve many more builders and backers in the very near future, and grateful for the believers who continue to make that possible. Thank you.