eMoov smashes funding target to reach over £2M

eMoov launched the fundraising campaign on the crowdfunding platform Crowdcube on the 1st of September and has since raised over £2.27m against an initial target of £1m for 5 per cent equity of the company. Episode 1 and Maxfield Capital have contributed £500,000 and £300,000 respectively, with Startive investing £250,000. In addition, London-based accelerator Seedcamp have also reinvested with £50,000.

The campaign was due to end today but due to unprecedented last-minute activity and requests from several investors who are ever more enthusiastic about committing further sums, eMoov now have extended the crowdfunding period by a further seven days. With over 630 individual investors, investments have ranged from as little as £10 to as much as £500,000.

Episode 1 and Maxfield Capital were both part of a multi-million pound fundraising earlier this year, which also included Seedcamp. Since eMoov first sought investment in 2013, when it received seed funding from James Caan, the company’s turnover has increased from £ 965,619 to an estimated £1.8m for the year end. eMoov is forecasting turnover in 2018 to be in excess of £39m largely driven by growth in the online sector, a new lettings proposition, upselling and global expansion. A further raise is planned in early 2016 with an IPO or private sale anticipated in the next few years.

Episode 1’s Managing Partner, Simon Murdoch, was an early stage investor in Zoopla, Betfair, Shutl and LOVEFiLM all of which have had substantial exits.

Commenting, Simon Murdoch, Managing Partner at Episode 1, said: “Estate agency is one of the last industries to be disrupted by technology. The benefit of that disruption will be a fairer cost for the consumer, greater transparency and a customer empowerment that simply doesn’t exist when selling property in the UK currently. Episode 1 invested in the team at eMoov because we believe that it has the best approach to succeed and win, in a sector that will achieve an estimated 50 per cent market share by 2020.”

Commenting, Alexander Lazarev, Partner at Maxfield Capital Partners, said: “eMoov’s crowdfunding success is a clear indication of a long awaited transformation of an old-fashioned industry. eMoov disrupts estate agency by providing significant savings and high quality customer services. A best in class team, commitment to deliver excellent customer experience, and robust technology solution are the key reasons why Maxfield has invested in eMoov. I am glad that crowdfunding investors have recognized this unique opportunity and contributed their capital to eMoov.”

Reshma Sohoni of Seedcamp, said:

“I am a firm believer that customers should be investors and investor’s customers. It is fitting for such an innovative company to take to crowdfunding to raise capital. eMoov’s success with crowdfunding shows that hundreds of people believe as strongly in the innovation in the sector and that the online estate agencies like eMoov are really disrupting bad old ways to make buying and selling a precious home a better experience.”

Russell Quirk, CEO and Founder of eMoov, said: “We are delighted by the continuing support that Episode 1 and Maxfield have shown through their second rounds of investment. The investment from Startive only came through on Tuesday and was completely unexpected. It goes to show that you really can’t predict crowdfunding, which is why, due to popular demand, we have decided to extend the campaign for a further week. We have made unbelievable progress over the last 24 months and this smart money demonstrates the confidence that the professionals have in our business.”

To find out how to invest, visit https://www.crowdcube.com/emoov