Just a little over a year after securing nearly £200,000 through its first Crowdcube campaign, online property platform Movem has returned to the equity crowdfunding platform and even secured its initial £300,000 funding target in a matter of days thanks to more than 175 investors.
As previously reported, Movem, which was launched by Peter Ramsey, 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.
“On Movem, tenants can review their experiences and build up their own rental profile, which includes recommendations and a unique and instant tenant reference. This is designed to replace traditional referencing, to make the application process quicker, cheaper, and safer for all parties. By creating this two-sided review platform, we believe Movem is the first property review platform that will be able to authenticate tenancies and provide a fair and trusted rating system. We believe this competitive advantage will provide long-term value above other review sites.”
Movem also reported that its platform hosts reviews in more than 550 towns and cities around the UK and, since relaunching in May 2017, received 200% monthly growth, reaching 1000 new reviews per month. Prior to the previous Crowdcube round, the company raised £140,000 in SEIS funding.
Funds from the campaign will be used to continue the development of the digital rental profile, Movem Passport, along with scale the platform, and build further functionality that users have been requesting. The campaign is set to run until the end of November.
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