Russell Quirk of eMoov
Prop-tech firm eMoov has raised £9m from its latest funding round as it looks to continue disrupting the rapidly changing estate agency sector.
A number of notable high net worth individuals and family offices have participated in a fundraising round that totals £9m with more to follow in the coming weeks, says the company. eMoov’s enterprise value now sits at c.£40m.
The money will be used to further enhance the company’s unique technology platform which has already seen over £3m invested in its development; together with a substantial focus on marketing spend which will be undertaken by a newly engaged, ultra-sophisticated marketing team.
Russell Quirk, founder and CEO at eMoov.co.uk, said: “The estate agency space is changing drastically and we have always been at the forefront of that change since we launched in 2009. During this time, we’ve watched the online/hybrid sector evolve to become well established with market share more than doubling in the last two years.
“During this time, we’ve been focused on building a superior technology platform; hiring an unbeatable management team and providing the best customer service in the industry. With these strong foundations in place, we now feel it’s time to accelerate our growth through a clever and sustained marketing investment strategy.
“We’ve been more considered than some in our methodology and therefore, we will emerge and remain as one of the few estate agency disruptors that are actually sustainable. Expect more big announcements from us in the coming weeks.”
In addition to existing institutional players such as Episode 1 VC, Maxfield Capital, Spire and Startive Ventures, the latest raise includes the personal involvement of Gaby Salem of Wharton Asset Management.
The round was led by leading consumer investment group JXC Ventures plus a host of well-known tech entrepreneurs.
James Cox, principal at JXC Ventures added: “Having followed the PropTech sector for a number of years, eMoov was the first company that really ticked the boxes for us.
"Their unrivalled tech platform allows for rapid growth, with a focus on optimisation rather than removing the human element from what is still a 'people business'.
“The new marketing team, along with investment leveraging this strong core, will create significant shareholder value over the years to come as the market shifts towards the online sector even more rapidly.”