Movem, an online property portal that is described as the AirBnB of rental properties, is raising a minimum of £200,000 on Crowdcube for a 20% equity stake. After a few days of being live on the equity crowdfunding platform, Movem is about half-way to its funding target having raised £94,400 from 62 investors. The company benefited from the announcement that the Commercial Director of Cheapflights has become the lead investor in the funding round and will be joining the Movem Board of Directors.
Movem is a website where individuals seeking rental property may read reviews and compare prices of flats and houses. Movem is currently said to be in use in every university town in the UK. Movem raised £140,000 last year and will use the new funding to expand into residential tenancies across the UK.
“This is a future where nobody will be charged £25 to change a lightbulb, not even in Bournemouth.”
Founded by Peter Ramsey while at Bournemouth University, he described expansion as tackling “rogue landlords in the UK and improve the standard of rental accommodation.”
In 2013, Ramsey lost hundreds of pounds in allegedly fraudulent deposit deductions. His experience in dealing with a dodgy landlord compelled him to create a better way to rent private accommodations to students. Movem became the site to match trustworthy tenants wit the very best landlords. The site started simply as just a bulletin board for students at Bournemouth and has since grown to 100s of towns and thousands of reviews.
This is a Seed stage funding round. Crowdcube does not post financial forecasts for Seed Stage companies as these firms typically have very little operating history and thus extrapolating financial results means very little. The offer is EIS eligible.
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