eMoov secures £2.6m in Crowdcube’s largest proptech crowdfunding round
Online estate agency received backing from 795 investors including venture capital firm Episode 1 and start-up accelerator Seedcamp
Property start-up eMoov announced today that it has raised £2.6m in an oversubscribed crowdfunding round via Crowdcube; the largest ever investment in a property tech (proptech) company on the equity-based platform.
795 investors backed the campaign, taking it over its initial target of £1m, with backers including venture capital firms Episode 1 Ventures, Maxfield Capital Partners, and Startive Ventures, alongside start-up accelerator Seedcamp.
Launched in 2010, eMoov claims to be one of the UK's most successful online estate agencies selling properties for fees of £595 +VAT and has sold over 4,500 properties through its site since launch.
The company is set to hit £1.8m turnover for the year end and expects to hit £39m turnover by 2018, using the investment to drive growth with a new lettings proposition and global expansion.
It also has plans for an additional fundraise early next year and expects an IPO or private sale “in the next few years.”
eMoov founder and CEO, Russell Quirk, commented: “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% of the market by 2020.”
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