Online agent eMoov is to raise £1m via crowdfunding, in a move that values the firm at £20m.
This afternoon, eMoov founder Russell Quirk made the announcement to social media contacts.
Headed “eMoov investment opportunity” and “We’re showing estate agents the door”, it said that it will raise funds via Crowdcube.
The funding round will begin on September 1, but with a 48-hour preview for “existing investors, friends and family”.
The fund raising round will be live until the end of September.
In his note, Quirk says that he has plans to raise further funds in early 2016 “with an IPO or private sale anticipated thereafter”.
The note ends by claiming: “Online estate agency now comprises 8% of the industry having risen from 2% only two years ago. It is amazing how far the online estate agency sector has come.
“Founder and CEO of eMoov.co.uk, Russell Quirk, commented: “When I founded eMoov in early 2010, it was just me sat a desk in a windowless 8’x8’ serviced office. Today, we employ 45 people and have sold over 4,500 homes with a combined value of £1bn.
“Part of our progress has been fuelled by investment partners and advisors who have pumped money, knowledge and time into the business. This latest round of investment will set the scene for even bigger growth, which I believe, as a market leader, will culminate in the online sector taking around 50% of the UK estate agency industry by 2020.”
By then, Quirk says eMoov will have revenue of £60m per annum.
He adds: “Over recent years I have been approached by numerous investors, friends, family, customers, staff and business colleagues who ask ‘How can I invest in eMoov?’ Well this is that opportunity.”
There is also a video at the link, which features angel investor Simon Murdoch, a backer of Zoopla.
In the video, Quirk says: “it’s great that estate agents dislike us.” And “Frankly, we have a professionalism you just won’t find in the high street.”