Online estate agent eMoov secures £1.5m from Episode 1
News comes amid “increasing dissatisfaction” with traditional high street estate agents
Disruptive estate agency start-up eMoov.co.uk has secured a £1.5m funding round led by London-based venture capital firm Episode 1.
Founded in 2010 after CEO Russell Quirk sold his family estate agency business upon realising the increasing trend towards property tech, eMoov is an online platform for selling properties which claims to offer savings of over £3,500 for the average UK property vendor, with fees starting at £495.
The company says it has sold over 3,500 properties to date, saving its users an estimated £11.5m in fees, and has seen particularly rapid growth in the last year.
The news supports expert predictions that the £5trn UK residential property industry is about to undergo significant disruption, as interest in property tech companies grows amongst venture capital investors.
eMoov is expected to use the funding to complete its new customer platform, invest in marketing and enhance its customer experience.
e.Moov’s Quirk said of the deal: “It was clear to me that property portals would become destinations for property buyers. Today sellers no longer see value in retail spaces. They also know how much their property is worth thanks to the wealth of information that’s now readily available.
“It’s also not uncommon for them to find a buyer within a matter of days. Technology has fundamentally changed this industry and consumers simply aren’t getting the service they pay for from traditional high street agents. That said, we still believe there is space in the market for good estate agents that can attribute real value to the services they offer.”
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Episode 1 managing partner Simon Murdoch – an early backer of Betfair, LoveFilm and Zoopla – commented: “We love to invest in innovative companies who are obsessed about providing a fantastic service for customers in large markets.
“ In our view, eMoov is just such a company. The company has the team, product and customer-centric approach to win in this exciting sector and we’re really looking forward to being part of that journey.”