Online estate agent eMoov sailed into the record books as its crowdfunding pitch closed at midnight.
The pitch has ended with the loss-making online estate agent raising over £2,615,530 from 795 investors, with the largest single investment being £575,000. With minutes to go before the deadline, investors were still piling in, pledging their stakes.
The amount raised was well over the £1m original target and takes eMoov’s fundraising well beyond other online agents.
Last year, for example, easyProperty raised £1.35m via crowdfunding.
The initial crowdfunding pitch had valued eMoov at £20m.
While some larger amounts have been raised via crowdfunding, eMoov looks to have easily trumped estate agency and other property-related raises, setting both a UK and Europe record.
Comments (10)
Remarkable. No quote(s) from Quirk … on perhaps the only article that would make sense to have a quote from him on. Bizarre.
It’s been said before – the total looks impressive but what is there in 14 days is what is available to spend… on whatever they want to spend it on…
Thank you to all of you who participated in this. And I promise I won’t reveal who you are 🙂
I would have thought people would want to brag about such a “good” investment?
You may find a few have invested a couple of quid to be able to “first hand” reveal how useless the investment actually was!
Out of interest Russell,
How many of your current investors reinvested? Can you also give the assurance that after the 14 day cooling of period these investors will not have their money returned to them?
I would hate to think that a wealthy investor / partner put in a large amount to “Get the ball rolling” and will then get there investment back before others.
Something in the pitch required an annual interest payment of (from memory) £114,000 per annum. At commercial lending rates of 5% (ish) I can’t see how only getting in £2.6 is any real benefit especially given the £1.5 million top up in January this year wasn’t enough to kick start this mission to Mars performance programme.
I am mildly outspoken on the scale of Ellice, Quirk and the Bruce brothers but all this whiffs like Yarmouth quayside in the height of Herring boom.
NOW THAT you’ve seemingly got your money, Mr Quirk – care to respond to my post that you firstly reported as inappropriate then dodged like a sprat in a room full of walruses?
Yesterday, on the EMOH story, I said there were two born every minute. I stand corrected. Clearly there are seven hundred and ninety five born every minute.
That’s 795 disappointed people on dividend day!
Not quite Ric, either the original investors are a bit stupid [you don’t pay crowd funding commissions to invest in your own family , friends, company or employer, that really doesn’t make sense on any level] or this is a fancy form of advertising with a brucey bonus of a few extra quid in the coffers from external investors.
The financials on the pitch didn’t make a lot of sense to me, even at 40x multipler for data based businesses the £20 million valuation doesn’t really hold water. The business projections defy explanation.
I concluded this is an expensive PR stunt and what Mr Bruce of Purplebricks describes as sheep investors have parted with a few quid.
It really doesn’t matter what these headlines or stories say, Emoov is today the same competitor they were yesterday, what you and your fellow agents have to do is understand what is going on, how you as agents are facilitating it and put a stop to it.