Online agent eMoov is to raise £1m via crowdfunding, in a move that values the firm at £20m.
This afternoon, eMoov founder Russell Quirk made the announcement to social media contacts.
Headed “eMoov investment opportunity” and “We’re showing estate agents the door”, it said that it will raise funds via Crowdcube.
The funding round will begin on September 1, but with a 48-hour preview for “existing investors, friends and family”.
The fund raising round will be live until the end of September.
In his note, Quirk says that he has plans to raise further funds in early 2016 “with an IPO or private sale anticipated thereafter”.
The note ends by claiming: “Online estate agency now comprises 8% of the industry having risen from 2% only two years ago. It is amazing how far the online estate agency sector has come.
“Founder and CEO of eMoov.co.uk, Russell Quirk, commented: “When I founded eMoov in early 2010, it was just me sat a desk in a windowless 8’x8’ serviced office. Today, we employ 45 people and have sold over 4,500 homes with a combined value of £1bn.
“Part of our progress has been fuelled by investment partners and advisors who have pumped money, knowledge and time into the business. This latest round of investment will set the scene for even bigger growth, which I believe, as a market leader, will culminate in the online sector taking around 50% of the UK estate agency industry by 2020.”
By then, Quirk says eMoov will have revenue of £60m per annum.
He adds: “Over recent years I have been approached by numerous investors, friends, family, customers, staff and business colleagues who ask ‘How can I invest in eMoov?’ Well this is that opportunity.”
There is also a video at the link, which features angel investor Simon Murdoch, a backer of Zoopla.
In the video, Quirk says: “it’s great that estate agents dislike us.” And “Frankly, we have a professionalism you just won’t find in the high street.”
http://www.emoov.co.uk/news/guides/emoov-investment-opportunity/
Comments (28)
Bless him, he sold his buns to Faisal and James and they were going to see that it would be massive, then there was lots of huffing and puffing about how the public loved him, needed him and would festoon him in money and affection and now despite taking cash of his ‘clients’ upfront and I assume putting it the bank he’s still potless…………..Its all goin’ online init!!!!
Jonnie
I noticed in a tweet last night that Mr Quirk said that the Company is expected to make it’s first profit in 2018. That’s 8 years from launch.
And what about the previous SEVEN YEARS OF LOSS?
How long before they actually break even?
They’re not making things clear – are they?
Nee Naw Nee Naw Nee Naw…… the sound of tyres screeching to a halt….. footsteps running…. the sound of a door crashing in….. voices…. shouting….. louder….. “Mr Quirk we are arresting you under the 2015 B*llsh*t Emergency Powers Act!”….. another voice shouts “buckle him up lads, we are going straight to the Wormwood Scrubs Illusionist Holding Centre”……
Seriously….. what next? Russell Quirk releases his new cd Titled “Magic Money”
Side 1
Track 1 I dreamed a dream
Track 2 Portal Blues
Track 3 You nearly found me out
Track 4 Any number is a good number
Track 5 Day dream believer
Track 6 I close my eyes” (Duet with Jason Donavon)
Track 7 High Street is not my Street
Track 8 Laughter & Tears
Track 9 They’re coming to take me away
Track 10 Why don’t they believe me
Track 11 Pump that money
Track 12 Invest & I’ll digest
Track 13 Bailing out as portal burns
Track 14 emoov, remoov, pleeeeese
and many other tracks…. as many as he can think of!
Sounds like the sultan of spin is in dire straights and needs money for nothing and cheques for free!
“How to spot an amateur ” by Ryan Fletcher of AgentMarketingSyndicate.com
Amateurs claim something extraordinary that other people consider just normal. They brag the loudest about stuff they are supposed to do, things that normal people ‘just do’. Meanwhile, the professionals that are no strangers to the end-zone,calmly go about their business.
Online agencies generally conduct their business in the shadows rather than in the spotlight. These sort of comments illustrate why they will remain there.
As an unbiased observer of this industry, I think the delusional comments from emoov are more in hope of finding some more suckers than in getting the public to accept them.
Small point, but in the article they claim: “Today, we employ 45 people and have sold over 4,500 homes with a combined value of £1bn.” On their website they claim to have sold 3,500 houses. Quite a difference.
Some data from Lincoln.
One randomly chosen postcode (LN6). Based on a RM search there are 376 pre-owned homes for sale in that area (ie: excluding new builds). 14 are currently being sold by ‘online agents’. I make that 3.7%.
Bit different to 8%.
The practices of portal juggling, spoof & duplicate properties and ‘administrative errors’ means that I would question all claims and statistics and would believe only the ones I had counted and clicked through myself to check they actually exist and aren’t a crafty mirror on the register of a company that sounds identical on the telephone or requires 4 days investigation at companies house to separate.
Curiosity got the better of me, have you got a list of the online agents that are showing results I am struggling to get to 14?
Sorry Robert I didn’t keep the list. The usual suspects were on there but the biggest (!) lister was 3!
That’s what I found after a frustrating hour of trawling through Rightmove.
I thought the last crowd funding round for Easy property valued them at £66m, on that basis Emoov at only £20m is a good investment or am I missing something.
The whole thing proves exactly why I refer to this malarkey as Numptyfunding, matey!
They pays their money… they takes their chance.
I’ll play safe with my betting money – a tenner each way on Shergar winning the 2095 Prix de l’Arc de Triomphe ridden by a naked Lord Lucan with his ‘nads painted blue!
Don’t tell anyone – but I reckon I’ve got a cracking chance of a payout…
…they never asked whether it was the Lord or the horse’s ‘nads – so I’ve got TWICE as many chances to win! ;o)
“Numptyfunding”…now that word needs patenting!!
I look at these online agents and honestly cannot beleive they raise money, the investors may as well put a pile of money in a room and set light to it!
They would but a quicker way to lose it is investing in eMOOOOOv. Surely there’s a cash cow joke in here somewhere or can I just smell ********!!!
i love the line “Over recent years I have been approached by numerous investors, friends, family, customers, staff and business colleagues who ask ‘How can I invest in eMoov?’ Well this is that opportunity.”
Yeah right!
So in that five years russell what has been your net profit? – oh thats right the company runs at a loss which is why you need to keep raising money!!!
And of course he supposedly has a Dragon benefactor who could do a “Woodford” but clearly thinks his money is safer elsewhere.
The ‘announcement’ states “Over recent years I have been approached by numerous investors, friends, family, customers, staff and business colleagues who ask ‘How can I invest in eMoov?’ Well this is that opportunity.”
Erm… considering you state in the article above that ““Frankly, we have a professionalism you just won’t find in the high street.”, wouldn’t it have been just a tad more professional – not to mention polite and loyal – to have actually let the know personally, Mr Quirk?
Crowdfunding of course being the raising capital equivalent of busking in a London underground station.
Sorry, ‘Real Agent’ – I ‘Disliked’ your comment in error!
Make that five ‘Likes’ (and no doubt more to follow)!! ;o)
Thats ok PeeBee, I think we are both used to the dislikes these days in any case.
Wow -over a 5 yr period a turnover of approx £3.5m = £20m company valuation…who makes up these numbers?
I’m putting my Estate agency out for Crowdfunding next week…
I want to raise £1million, as the money that has already been ‘pumped’ in by investors has now run out. I would like to add that I will not be mentioning anything about past present or future projected profits as I don’t think this is important.
On another note my friends and family have told me that my business must be worth at least £20million and the future of estate agency is right here with my business as the whole 8% that I mentioned is completely my slice of the pie, with no other agents taking anything at all.
I would like to offer 5% of my business for the pleasure of investing £1million, with no promise of any return, at any point.
Sound fair enough…..? Silent close… first person to speak loses*
*Wolf of wall Street moment.
Does anyone have Deborah Meadens number? We need her to come on and tell him off for trying to “pull the wool over the investors eyes”.
What a dreamer.
Im sure the money will be raised but Im also sure its going to disappear fairly sharpish.
Why isnt James Caan piling in some more if its so good instead of giving away 10% p/a that he could have?
This feels like an episode of Dragons Den when you have some unrealistic “entrepreneur” come in with a ridiculous valuation from some London venture capitalists..
I think this may attract a large number of page views and comments.
Stands back and waits…