An online estate agency business has cancelled its crowdfunding campaign.
Love2move, which provides a platform enabling high street agents to offer a separately branded online service, had been crowdfunding on Crowdcube.
It had hoped to raise £120,000 in exchange for 8.7% equity, with co-founder Mark Worrall valuing the business at £1.25m.
However, the campaign has now been taken down from Crowdcube, after reporting two days earlier that it had reached 68% of its target.
Worrall told EYE: “We are in advanced discussions with a third party and as a result we have taken the step of closing the Crowdcube campaign.”
Those who indicated that they would have liked to invest have been written to.
The communication says:
“We have really appreciated the opportunity to introduce love2move to the crowd and we thank you for your support.
“However we have decided to close our fundraising campaign off the Crowdcube platform and it is our intention to close this funding round privately by the end of the month.
“We hope you continue to follow our progress through our social media channels with the handle @love2movehome.
“Thanks the love2move team.”
Two other pitches have recently been withdrawn from crowdfunding platforms – the House Shop and 99home.
Meanwhile, another property business currently on Crowdcube is aiming to raise £350,000.
Ocs Lettings said it aims to be one of the fastest growing and largest letting agents in the UK by 2023, with 9,000 fully managed properties.
It is looking to purchase property portfolios from other agents.
A member of ARLA, it says the business is currently worth £1.77m.
Founder and director is Paul Mulvey.
Yesterday, with 23 days left, Ocs Lettings had raised £76,400.
Glasgow-based Ocs Lettings was incorporated last April.