eMoov, crowdfunding on Crowdcube, has jumped to over £2.282 million as two venture capital groups increased their investment in the online estate agent firm. Both Episode 1 Ventures and Maxfield Capital Partners have added to their original commitments. Swiss VC firm Startive Ventures has also joined in the funding round. According to information provided by eMoov, Episode has committed £500,000, Maxfield Capital £300,000 and Startive £250,000. Additionally accelerator Seedcamp has kicked in £50,000.
The equity offer was initially scheduled to close today, but eMoov has decided to extend the crowdfunding round for another seven days. Currently, the campaign page indicates 647 investors have signed up to own part of the firm.
eMoov forecasts 2015 revenue of £1.8 million, almost doubling from the year prior. eMoov has sold over 4500 properties since the platform launched. Consumers may list and sell a property for as little as £595. eMoov also predicts its platform will be generating £39 million in top line revenue by 2018. These estimates are driven by the massive shift of real estate services to digital platforms.
Simon Murdoch, Managing Partner at Episode 1, believes that estate agencies are one of the “last industries to be disrupted by technology”. The investor believes this will be both better and fairer for the consumer.
“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% market share by 2020,” said Murdoch.
Alexander Lazarev, Partner at Maxfield Capital, concurred with Murdoch’s assessment. “eMoov’s crowdfunding success is a clear indication of long-awaited transformation of an old-fashioned industry”.
“We are delighted by the continuing support that Episode 1 and Maxfield have shown through their 2nd rounds of investment,” stated Russell Quirk, eMoov founder and CEO. “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.”
eMoov is expected to launch an additional funding round in 2016.
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