Member Article

Online estate agency eMoov secures £1.5 million investment from London venture capital firm

Estate agency disruptor eMoov.co.uk has secured a £1.5 million financing round led by London venture capital firm Episode 1.

eMoov combines a team of experienced sales negotiators with an alternative outlet for selling properties that includes access to all the major property listing websites, aiming to save the average UK property vendor over £3,500.

The funding comes amid growing interest in property tech companies among venture capital investors. Experts predict that the residential property industry – which is worth over £5 trillion in the UK alone – is about to undergo significant disruption.

Founder and CEO Russell Quirk recognised the growing role of property portals and sold his family estate agency business to set up eMoov in 2010.

eMoov has experienced strong growth this year and, with a customer satisfaction rate of 98%, it is now the UK’s largest customer review website for the residential property industry.

The online estate agency has now sold over 3,500 properties saving home sellers an estimated £11.5 million in estate agency fees.

The investment comes 12 months after eMoov announced a deal with Spire Ventures, the Mayfair based private equity house.

Founder and CEO Russell Quirk said: “It was clear to me that property portals would become destinations for property buyers. Today sellers no longer see value in retail spaces. They also know how much their property is worth thanks to the wealth of information that’s now readily available.

“It’s also not uncommon for them to find a buyer within a matter of days. Technology has fundamentally changed this industry and consumers simply aren’t getting the service they pay for from traditional high street agents. That said, we still believe there is space in the market for good estate agents that can attribute real value to the services they offer.”

“We’ve taken the lead position in the online estate agents market – which has doubled its market share every year since 2010,” comments Russell Quirk, CEO. “This capital injection will fund the completion of our new customer platform as well as enable us to expand our marketing efforts.”

This was posted in Bdaily's Members' News section by Ellen Forster .