Online estate agency eMoov.co.uk has now raised more than its £1m target with 9 days to spare. The crowdfunding raise, which values eMoov at £20m, commenced on 1st September and does not close until the end of the month.
At the start of the year, eMoov raised over £2m including investment from Simon Murdoch’s venture capital firm Episode 1, and, in December 2013, received seed funding from the former TV dragon James Caan.
Investment funding has provided much need growth capital which has fuelled eMoov’s impressive growth to date. The company’s turnover has increased from £965,619 in 2013 to £2,916,456 (forecast) in 2015. eMoov plans a further raise in early 2016 with an IPO or private sale anticipated thereafter.
Online estate agency now comprises 8% of the industry having risen from 2% only two years ago. eMoov’s fundraising follows recent multi-million pound fundraisings from Purple Bricks, Estates Direct and easyProperty.
See our crowdfunding video below:
Commenting, Russell Quirk, CEO and Founder of eMoov, said:
“Having now reached our target, it’s become evident that some remarkable things have happened in the last three weeks. More than a third of our workforce have invested their own money into the business, some as much as £5,000, while existing investors have committed £470,000 so far with more promised. We’ve had bankers invest, VC funds, and PWC accountants from Singapore. Plus a number of industry insiders.
“Most humbling are those close to me, such as one of my best friends who has invested £50,000 and my dad and my brother who have invested £10,000 each. When my seven year old daughter asked me if she could give eMoov her £613 savings, I almost melted.
“Crowdfunding turns out not just to be about raising money, but is a lesson in loyalty, kindred support and trust that I honestly had not expected.”