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Crowdfunding success for eMoov

Emma Lunn
Written By:
Emma Lunn
Posted:
Updated:
09/10/2015

Online estate agent eMoov is celebrating a successful crowdfunding campaign after exceeding its target expectations.

The six-week campaign on crowdfunding platform Crowdcube raised £2.6m despite having a target of just £1m for 5% equity in the company.

The successful crowdfunding campaign is another sign that online estate agents are here to stay, despite repeated claims to the contrary from traditional high street estate agents.

The figure achieved by eMoov was Crowdcube’s highest share equity raise for a property tech business and the second highest for a tech company behind JustPark which raised £3.7m in March.

Investments in eMoov ranged from £10 to £500,000, with money from 795 investors including venture capitalist firms Episode 1 Ventures, Maxfield Capital Partners, Startive Ventures, and Seedcamp.

Since eMoov first sought investment in 2013, when it received seed funding from Dragons’ Den star James Caan, the company’s turnover has increased from £965,619 to an estimated £1.8m for the year end.

Russell Quirk, CEO and founder of eMoov, said: “We have been taken back by how well our crowdfunding campaign has gone. I never, in my wildest dreams, thought that we would get to £2.5m, two-and-a-half times our target. It is an exciting time for online estate agencies with significant investment coming into the sector. We will continue to have the best tech platform and the best customer service in our sector and will push online estate agency to over 50 per cent of the market by 2020.

“On a personal note, I would like to say a massive thank you to everyone who assisted with the campaign and to all those who invested. With this investment, our ultimate goal is to realise value for our 700 plus shareholders.”


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