Online agent Emoov has launched another crowdfunding round – and within hours has raised almost its entire £1m target.
Yesterday, at 11am, it launched its bid on Crowdcube, privately inviting only previous investors to invest further.
By around 5.30pm it had raised £733,160. By this morning, it had raised £933,220, from 87 investors, with Emoov’s valuation at £104m.
At £1m, their investment will get them just 0.95% equity in the business which describes itself as number two to a £1bn competitor – Purplebricks.
CEO and founder Russell Quirk said the new crowdfunding campaign was in consequence of the recent ‘merger’ with Tepilo and Urban.
He said previous investors had expressed eagerness to pitch in to the newly enlarged business.
This morning at 9am, the Emoov crowdfunding pitch is due to go live to a wider audience.
In 2015, Quirk launched a £1m crowdfunding bid on the same platform and ended up with £2.6m in the coffers.
In the invitation to previous investors to re-invest Emoov says its ambition is to float on the stock market “in the coming months”. It also says that it is “heavily backed” by venture capitalists, Richard Desmond, Sarah Beeny and James Caan.
Shameless begger RQ does it again.
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Excellent News. Should think the BODS at CWD will be impressed . Just the sort of partner they need to tackle the £192m bank debt Only £191,250,000 to go !
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Russell, I’ve found you an honest job…
It’s a fund raising position for a large well known charity. You’ll love it; you get to keep raising money and you’ll get to talk to the press loads!
There’s one snag. It’s to help someone other than yourself, you can’t keep the money… sh*t, I should have thought that through, sorry!
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Love Crowdfunding…. the UK’s fall back to when your bank says “you avin a larf, can someone escort this person out of the branch please”
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What reason are investors given for more dosh being required?
To fund further expansion of….
The debt?
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It just shows how naive these investors are and how they dont understand the housing market. Sure they may have made money in some previous business, but clearly need to ask more questions? Why after 5 years are you still losing money, after you have constantly missed your own growth targets when will we see any return, when our biggest competitor is spending £20million a year on advertising, is 1,2 or £5million really going to make a difference?
These investors would see a much better ROI buying a local high street branch and pumping a bit of money into that.
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“is 1,2 or £5million really going to make a difference?”
Yes – Keeps paying his salary!
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It will be interesting to see how this crowdfunding round compares with previous one masterminded by Stephen Jury. That sailed way over target to £2.6m!
The initial £1.5m wasn’t enough, the additional £2.6m wasn’t enough, the £9m last year wasn’t enough, another £15m in May obviously wasn’t enough…. what on earth are they doing to need another £1m so soon?
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To pay for the IPO Robert!
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….IPO on £104m for £1m? What is there, some sort of disrupter NOMAD new in town? “FLOAT YOUR FIRM FOR FLICK ALL FEES!”
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Sorry to burst your bubble but I don’t think Stephen Jury masterminded anything at Emoov apart from perhaps his own exit and certainly had no hand in the previous crowdfunding round.
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Didn’t Stephen and Sheraz leave once the last crowdfund cash started to run out?
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Cash required quickly, emergency flights and tickets for the board to travel to Russia for a strategy meeting?
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At what point do we find out that all these lemming crowdfunding moments are the result of some AI algorithms gone rogue and some institutions are seriously out-of-pocket, albeit with some worthless .com shares to show for it..?
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Look at us, we are worth £104 million!
Can we borrow £1 million please?
staggers me…
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Please buy countrywide Russell, please please please.
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You all sound like a bunch of jealous losers. You should commend what’s being achieved here. He has dedicated 10 years of his life to create and build a business to the kind of scale most of you can only dream about. He is aiming to float on the stock market. How amazing is that? I think it’s incredible. Whether you agree with what he does or doesn’t do is honestly irrelevant, getting it to this point I think is really impressive.
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Take him out… he’s cooked.
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Honey, couldn’t you have spent a bit more and brought purplebricks for dinner.
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Call me old fashion but i thought the point of being in business was to create a product or service in which you sold for a profit.
NOT keep asking people for money as your turnover does not cover your outgoings.
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Hi Old Fashion.
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…. you sound a little naive? infatuated? star struck? stupid?
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As profit isn’t available as a base for the valuation how about we use turnover. 1x turnover is an accepted rule of thumb valuation method before going to all the taradiddle of due dilligence etc
£104,000,000 at £895 is 116,200 listings to be carried 24 (?) listers in 365 days… can you see where I’m going with this?
The emoov site proudly boasts 20,000 customers helped. 2018-2008 is 10 years so 2000 listings a year
2000 listings at £895 values the company at £1.79m not £100m. I’m not sure who’s investing cash into emoov but suspect someone like Joey Essex might have the cash but not necessarily the maths or business awarenes to work out what’s going on doesn’t really stand scrutiny.
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Don’t worry nextchapter no one gets any credit for anything on here, just a swirl of criticism and petty anger.
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Lol, jealous of the money or potential money, as an EA? Bring it, we’ll take his head off
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Why does this article remind me of this saying – “ you can fool some of the people all the time……….”
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Everyone loves a trier He has drunk at the investor’s well many times Successfully gaining more investors in 2015 with this forecast
Emoov is forecasting turnover in 2018 to be in excess of £39m largely driven by growth in the online sector, a new lettings proposition, ”
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