eMoov dramatically raised the stakes in the online sector, announcing that it has so far raised £9m in a new fundraising round.
The round remains open with more money set to flow in over the next few weeks.
That means that eMoov’s current valuation of around £40m is set to rise.
The announcement also means that the market leaders are pulling ahead of the pack.
The latest raise includes the personal involvement of Gaby Salem of Wharton Asset Management. The round was led by leading consumer investment group JCX Ventures plus some tech entrepreneurs.
Russell Quirk, eMoov founder, said: “The estate agency space is changing drastically and we have always been at the forefront of that change since we launched in 2009. During this time, we’ve watched the online/hybrid sector evolve to become well established with market share more than doubling in the last two years.
“During this time, 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 investment strategy in marketing.
“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.”
James Cox, principle at JCX Ventures, said: “Having followed the proptech sector for a number of years, eMoov was the first company that really ticked the boxes for us.
“Their unrivalled tech platform allows for rapid growth, with a focus on optimisation rather than removing the human element from what is still a ‘people business’.
“The new marketing team, along with investment leveraging this strong core, will create significant shareholder value over the years to come as the market shifts towards the online sector even more rapidly.”
Gaby Salem of Wharton Asset Management said: “Having been offered numerous investment opportunities in the online agency sector and from my research of the most dominant players, it was evident that eMoov have the management team, the customer service and the technology to dominate this space.
“As a seasoned investor of over 20 years with experience in the property sector, I have chosen to invest in eMoov because it’s clear they are ahead of the pack where the online space is concerned.
“In an industry that is just crying out for improvement I believe the online/hybrid sector will grow significantly in market share in the near future, whilst consolidating to just three or four major players.”
Comments (12)
eMoovs CrowdCube pitch showed projected YE figures for Dec 2016 as 6.6 turnover and a 2.2 million loss – However, reported figures show almost three times that predicted loss at 6.5 Million loss to the end of October 2016
Link – https://drive.google.com/file/d/0B3oqJKVfbDXJdldxcWhpRE9yUmc/view?usp=sharing
2016 (apparently) will be a pivotal year… http://www.propertyindustryeye.com/online-agent-emoov-claims-sector-set-for-explosive-rate-this-year/
““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 per cent of the UK estate agency industry by 2020.” http://realbusiness.co.uk/funding/2015/09/01/investment-funding-has-fuelled-emoovs-growth-and-its-hungry-for-more/
what bit does he own then Chris? obviously not the light bulbs because they clearly don’t have any working light bulbs… just the one on his head that flashes as each cash injection arrives… KER CHING is his Number Plate?
seriously though… this is just a continual repackaging of a brand to make folk think it’s worth something? investors? must smell the virtual gravy and hop on the train thinking it’s a no-brainer… which, if you jump off at the right time… it must be?
putting my money in an old rusty tin under the bed isn’t “cloud thinking” then? …..I need a New Branded Tin Box with lighting/bells/whistles, a website, marketing, pr and folk that can’t see that my money box is empty?
i doff my Top Hat at the caper playing out before us… The Joker is indeed in charge.
Give him his due, he is a phenomenal fund raiser.
Dear Emoov – I’m really interested in investing; please could you tell me how much money you’ve made and how many houses you’ve sold in plain English so I can work out what sort of return I’ll get get on say a £1m investment over the next few years.
I’ve done some very pc dummy style basic research and, all I can see from your Crowdfunding pitch is that in 2016 you posted a £-6.46m loss and your net worth is stated @ £-1.05m, my very limited understanding is that you’re not making any money and this is just another way of plugging the hole in a sinking ship with someone else’s money?
If I’m wrong I do sincerely apologise and please send the investor pack to
Flat 138 Keep Dreaming,
Disruptor Towers,
Pie in the Sky,
Cayman Islands
I saw one of their For Sale Boards… just the one.
It is a “Lovely Website” though… it’s amazing what you can do when you get the decorators in…. they have made things look very nice.
oneborneveryminute.com
9 Million for some nice portal curtains… amazing.
must be a hypnotist?
Mr Q ‘we now feel it’s time to accelerate our growth through a clever and sustained investment strategy in marketing’.
Shortly followed by more correspondence with the ASA!
Wonder if this means they can now drop their whole-of-industry-embarrassing #permasale shenanigans?
Phew, that’s a relief, I thought I’d been in a coma but no it’s still 21st August not the 1st April.
Have emoov made any money yet?
thats a genuine question by the way.
A cool nine mill according to the article.
Plus previous bankrolling exercises.
Made? Oh… sorry, ‘inthefield’ – I shouldn’t have speed-read your comment.
I thought you’d actually asked if they’d blagged any money yet…
Nope.
Sorry…i thought this was title NewsFlash, but actually it is an advert! Bit confused who thinks they are market leaders, as it certainly isnt the public, and it isnt other estate agents.