eMoov breezes past £1m crowdfunding target

on Sep 24, 2015
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Online real estate agency eMoov.co.uk announced yesterday that it has surpassed its £1 million crowdfunding target with eight days of the campaign left to go.

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The firm launched the capital-raising campaign, which valued the business at £20 million, on September 1 and had received £1.43 million as of 13:59 BST today. 446 investors have pledged support, with the biggest single investment at £350,000. eMoov is continuing to accept investment until the end of the month.
“More than a third of our workforce have invested their own money into the business, while existing investors have committed £470,000 so far with more promised,” said Russell Quirk, CEO and Founder of eMoov. “We’ve had bankers invest, VC funds, and PWC accountants from Singapore. Plus a number of industry insiders.”

The latest crowdfunding campaign follows a £2 million investment by Simon Murdoch’s venture capital firm Episode 1 earlier this year, the VC behind Zoopla and LOVEFiLM.
The real estate agency plans a further raise in early 2016 via an IPO or private sale anticipated thereafter, eMoov has said.
The firm expects turnover to grow to nearly £3 million in 2015, up from less than £1 million two years ago.
According to eMoov, online agencies now facilitate eight percent of all house sales and lettings and are likely to exceed 50 percent by 2020.
eMoov’s latest round of fundraising this month follows recent multi-million pound campaigns from rivals Purple Bricks, Estates Direct and easyProperty.

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