Poundland founder Steve Smith has raised £500,000 on equity crowdfunding platform Crowdcube for his latest venture, online estate agency EstatesDirect.com.

The multi-millionaire sold Poundland for £50m in 2002. He set out to raise £250,000 on Crowdcube, but doubled this figure within a matter of days.

Mr Smith joins an elite group of high profile entrepreneurs turning to crowdfunding for investment purposes.

Founded two years ago, EstatesDirect.com is an online estate agency charging a fixed fee to market, sell or let properties regardless of location or value, and has sold more than 450 properties to date.

The company, which plans to operate via a network of franchises and licensees around the country, will use the money to fund its expansion plans and capitalise on a market valued at more than £6bn in the UK.

“We want to make EstatesDirect.com the UK’s largest personal estate agency network within the next few years,” said Mr Smith.

“The estate agency market is huge, but is currently dominated by high street agents that charge exorbitant fees – our aim is to bridge the gap between online and high street and make the process easier and cheaper.”