eMoov looks to crowdfunding to raise £1m
Online estate agency eMoov.co.uk is looking to raise a minimum of £1m from crowdfunding.
The fundraising, which values eMoov at £20m, commences on 1st September with a 48 hour preview for existing investors, friends and family and closes on 30th September. Crowdfunding provides a means for anyone to invest in a privately owned business, with a minimum investment of as little as £10.
At the start of the year, eMoov raised over £2m including investment from Simon Murdoch’s venture capital firm Episode 1, and, in December 2013, received seed funding from the former TV dragon James Caan.
Investment funding has provided much need growth capital which has fuelled eMoov’s impressive growth to date. The company’s turnover has increased from £965,619 in 2013 to £2,916,456 (forecast) in 2015. eMoov plans a further raise in early 2016 with an IPO or private sale anticipated thereafter. A £100m+ valuation is expected.
Online estate agency now comprises 8% of the industry having risen from 2% only two years ago. eMoov’s fundraising follows recent multi-million pound fundraisings from Purple Bricks, Estates Direct and easyProperty.
Russell Quirk, CEO and Founder of eMoov, said: “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.
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?’ This is that opportunity.
Our target is £1m, but of course we'd be delighted if we raised even more.”