Episode 1 Ventures and Maxfield Capital Partners have both increased their investment in eMoov, with the online estate agency receiving fresh capital from Swiss venture capital firm Startive Ventures.
eMoov launched the fundraising campaign on the crowdfunding platform Crowdcube on the 1st of September and has since raised over £2.27m against an initial target of £1m for 5% equity of the company.
Episode 1 and Maxfield Capital have contributed £500,000 and £300,000 respectively, with Startive investing £250,000. In addition, London-based accelerator Seedcamp have also reinvested with £50,000.
The campaign was due to end on 1 October but due to unprecedented last-minute activity and requests from several investors, eMoov extended the crowdfunding period by a further seven days. With over 630 individual investors, investments have ranged from as little as £10 to as much as £500,000.
Episode 1 and Maxfield Capital were both part of a multi-million pound fundraising earlier this year, which also included Seedcamp. Since eMoov first sought investment in 2013, when it received seed funding from James Caan, the company’s turnover has increased from £ 965,619 to an estimated £1.8m for the year end.
eMoov is forecasting turnover in 2018 to be in excess of £39m largely driven by growth in the online sector, a new lettings proposition, upselling and global expansion. A further raise is planned in early 2016 with an IPO or private sale anticipated in the next few years.
Episode 1’s Managing Partner, Simon Murdoch, was an early stage investor in Zoopla, Betfair, Shutl and LOVEFiLM – all of which have had substantial exits.
He called estate agency “one of the last industries to be disrupted by technology”.
“The benefit of that disruption will be a fairer cost for the consumer, greater transparency and a customer empowerment that simply doesn’t exist when selling property in the UK currently,” he said.
“Episode 1 invested in the team at eMoov because we believe that it has the best approach to succeed and win, in a sector that will achieve an estimated 50% market share by 2020.”
Russell Quirk, CEO and Founder of eMoov, declared himself delighted by “the continuing support that Episode 1 and Maxfield have shown through their second rounds of investment”.
“We are delighted by the continuing support that Episode 1 and Maxfield have shown through their second rounds of investment. The investment from Startive only came through on Tuesday and was completely unexpected,” he said.
“It goes to show that you really can’t predict crowdfunding, which is why, due to popular demand, we have decided to extend the campaign for a further week. We have made unbelievable progress over the last 24 months and this smart money demonstrates the confidence that the professionals have in our business.”
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