Real estate rivalry ramps up as eMoov secures £9m
A competitor to YOPA, Tepilo and Purplebricks, the online estate agency business has announced fresh funding from Episode 1 and Maxfield
eMoov, the UK property platform founded in 2010, has raised an additional £9m in new investment from existing investors Episode 1, Maxfield Capital, Spire and Startive Ventures as competition between hybrid online estate agencies hots up.
Competing against challenger brands in the burgeoning proptech market such as Startups Awards 2015 winner Purplebricks, Tepilo, Settled, and YOPA, eMoov is the brainchild of Russel Quirk; who launched the business six years ago following the sale of his family estate agency company.
Claiming to be the ‘UK’s best rated online estate agency’, eMoov operates a similar model to its rivals with fees of £795 and a promise of “making selling your home a lot easier”.
However, compared to the competition, eMoov asserts that – on average – it sells home five days quicker, gets sellers a £5,600 higher sale price, and enables sellers to save £2,857 on their home sale to give them “the best value for money”.
It plans to use the funding – which follows an earlier round in 2015 and a £2.5m crowdfunding round in the same year – to develop its technology and invest in marketing, having had no marketing team in place until March this year.
eMoov founder and chief executive, Quirk, commented:
“We’ve been focused on building a superior technology platform; hiring an unbeatable management team and providing the best customer service in the industry.
“With these strong foundations in place, we now feel it’s time to accelerate our growth through a clever and sustained marketing investment strategy.
“We’ve been more considered than some in our methodology and therefore, we will emerge and remain as one of the few estate agency disruptors that are actually sustainable. Expect more big announcements from us in the coming weeks.”