With crowdfunding legislation bogged down in the N.C. General Assembly, startup GroundFloor is leaving the Triangle to establish its headquarters in Atlanta.

The crowdfunding company focused on real estate “crowdlending” also has raised $1 million in new funding.

Co-founders Brian Dally and Nick Bhargava announced the decision to move from operations in Durham and Raleigh early Tuesday. They cited Georgia’s support of crowdfunding as a key reason. GroundFloor already is doing business in Georgia, offering micfrolending opportunities to people who want to invest in real estate.

In an exclusive interview with WRAL TechWire, Dally said the company’s decision to locate in Atlanta was not influence by the failure of cowdfunding to be passed in North Carolina. (The WRAL TechWire Insider story is available online to subscribers.)

“Georgia is the ideal headquarters for GroundFloor as investment crowdfunding grows nationally,” Dally said.

“With the support of the state and the early adopters behind our pilot projects here, we’re already seeing how real estate microlending can play a role in the development of local communities. Georgia is arguably the most forward-thinking state on issues related to crowdfunding, and we’re proud to help the state establish itself as a birthplace of the real estate crowdfunding economy.”

Crowdfunding in North Carolina – known as the NC JOBS Act – has passed the N.C. House but remains mired as part of larger legislation in the N.C. Senate.

Both Dally and Bhargava have strong entrepreneurial roots in the Triangle. Backers also have Triangle connections.

Angel investors Michael Olander, Bruce Boehm, Mark Easley and Inception Micro-Angel Fund provided the $1 million in new financing. Easley is an outspoken proponent of the NC JOBS Act. 

The startup raised $300,000 earlier this year. 

GroundFloor will be based at the Atlanta Tech Village.

Part of the new funding will be used to expand its headcount by five positions. 

Investors in GroundFloor-related investments receive secured loans with a return of between 8-12 percent annually. 

“GroundFloor is a fantastic example of the types of business innovation that will continue to build Georgia’s economy and create opportunities for our residents,” said Georgia Secretary of State Brian Kemp in a statement provided by GroundFloor. “Because of the Invest Georgia Exemption, crowdfunding is taking off in Georgia ahead of other states that are still waiting for the SEC to rewrite and approve parts of the JOBS Act. We will continue to work tirelessly to attract the next wave of innovators and jobs all across Georgia.”

Georgia passed crowdfunding legislation in 2011.

GroundFloor launched in March of 2013.