Spire Ventures, the company backing property companies including eMoov and Ivygate estate agents, is looking for a new venture partner or co-investor.
The firm, headed by Faisal Butt and which has a partnership with Cushman & Wakefield in technology venture PI Labs, has twice put up a request via Twitter.
Butt told Eye: “This is a new hire. I am seeking to bolster Spire’s private equity capability and it does not have any link to Spire’s current or future ownership.”
Spire Ventures was formerly known as Hamilton Bradshaw Real Estate, backed by former Dragon James Caan.
It isn’t possible to run a radiator repair business by just pouring more water in the top. At some point your have to learn how to fix radiators.
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I don’t understand, this thing was going to be massive, they would show us how it’s done, close us all, disrupt, bring change, reform out dated models and various other phases…….now they need more money, a mistake surely? Why aren’t they earning vast sums of cash, oh, I know it’s because the public don’t want it, you can be the tenth biggest budget boy in the country with about 6 listings and the money bit doesn’t add up apart from that it’s a winner! – Jonnie
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Jonnie , they are obviously doing so well they need money for expansion! 😉
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The honeymoon is over and they have run out of money.
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I think the biggest challenge here is that all of these companies are in effect running on venture capital. I suspect not one has made profit so that means it is a straight punt: can you change the way that sellers choose their agents by pumping vast sums into advertising an alternative. Purple bricks are using Woodfords £8m. Emoove have got to step up or they will lose out. When I read sums of £1.5m being invested I just think thats not enough now. Especially with House simple is it getting £5m?!
The problem they all face however is this: If the business model cannot generate the money for national advertising, lets say £2m per annum, then without it they do not or will ever dominate enough locally to feature on the sellers radar. They then gradually disappear.
Emooves problem is very much akin to Asserta v Rightmove as in there maybe space for one/two national players in the online only arena but not more, so Emoove have to spend and be prepared to spend over a minimum two year period or they lose. It will be the first to buckle and I would say PB seem to have deeper pockets at present.
Faisal is spreadbetting: plain and simple.
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Plain and Simple? Try King’s new clothes. Some people are making a very easy and lucrative living peddling a concept to a very gullible audience.
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