Named a ‘Disruptor of the Year’ by the FT, eMoov is an online estate agent platform backed by James Caan, Maxfield Capital and Episode 1, the VC behind Zoopla and LOVEFiLM. Challenging the property sector, the company charges a fixed-rate, lower fee, which, according to the company has saved its customers £6m. Led by a team alums from Groupon and Rated People, the company’s bespoke platform is built for scale. Currently crowdfunding on Crowdcube to raise an even £1,000,000, the online real estate agent has secured over £689,165 from more than 174 investors for 5.00% equity offered.
Led by Founder and CEO Russell Quirk, eMoov aims to differentiate itself from competitors by providing exceptional customer service and competitive price points and by using bespoke technology that “empowers sellers and buyers and ensures that the process is honest and transparent.” By offering the choice of “No Sale No Fee” or a discounted “Pay Upfront,” eMoov boasts, “No contracts, no tie-ins, no strings attached.”
In 2014 1.2m homes were sold in the UK, eMoov’s current target market. The platform plans to roll out to a global audience within the next 3 to 5 years. With a platform built over the last 12 months by an in-house team headed by Ivan Ramirez (Groupon, CommerceInterface) as Chief Technology Officer and Olly Dobson (Just Eat) as Head of Product and UX, the platform has celebrated the following achievement and traction since its initial 2013 seed round investment from James Caan’s Hamilton Bradshaw and various Angel investors:
- Super seed round
- Launch of the eMoov dashboard
- Only online agent to launch a “No Sale No Fee” option
- Top 10 agent for customer service of 25,207 branches UK wide
- Named as a Global Disruptor by the Financial Times alongside Uber, Tesla and Netflix
- Launched test television campaign across the Sky network
- Restructured the management team
- Launched new website
- Invested in customer service team
- Launched London ‘Dev’ office to recruit top talent in software engineering, product and marketing
Expanding rapidly having doubled each year since inception, the online estate agency sector is ripe for investment; eMoov.co.uk anticipates leading a sector that will potentially represent 50% of all home sales by 2020, not including global rollout potential:
“We also plan to launch eMoov globally. We think our model will do well in the U.S., Europe and Australia. As of when we do that, it could put eMoov’s potential into the billions. We have a rich tapestry of different nationalities and cultures in our senior team – and they all want to ‘take over the world,” CEO Quirk told Business Matters in an interview today. With that enthusiasm for global expansion around the boardroom table it is inevitable that it will happen. Plus, we have Andrew Mackay and Will Armitage as non-execs. They invested in us at the start of the year and were responsible for the international roll out of the spread betting company IG Index.
- 9,000 paying customers to date with a combined selling saving of over £6 million in 2015 alone
- Achieve, on average, over 98% of sale price (the typical high street agent achieves just 95%)
- Ranked ‘No. 1 online agent for customer service’ by AllAgents.co.uk
- Rated in the top 25 of all UK agents by customers
Funding will be used for marketing, technology and salaries, in particular continuing to refine its technology, maintaining and building its team and increasing market reach. On 7 September eMoov initiated a comprehensive London Tube Advertising campaign with Crowdcube, hitting over 50 stations.
This past Friday, eMoov received formal notification from HMRC that its campaign is EIS approved. According to CEO Quirk on Crowdcube’s Discussion, this “means that investors participating personally as UK tax payers are able to claim 30% of this investment against this year’s tax liability AND have no Capital Gains Tax liability on the profit on your emoov shares. If you were not previously aware of this benefit, please feel free to invest some more.”
For more financial information regarding eMoov’s Crowdcube campaign and to keep ip with the startup’s progress, click here.
In other Crowdcube news, with 17 days remaining on their goal, Hochanda cofounders Paul Wright and Val Kaye have led their arts and crafts startup team to their equity crowdfunding campaign goal on Crowdcube. As of today, they have raised £1,892,556 from over 176 investors, 99% of their £1.9 goal for 16.21% equity offered, funds needed to expand Hochanda’s new television services.
Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!