eMoov raises £2.6m from crowdfunding
The online estate agency originally targeted raising £1m for 5% equity in the company, but with 795 investors coming on board pledging from £10 to £500,000 the firm surpassed expectations by two and a half times.
Russell Quirk, chief executive and founder of eMoov, has pledged to help online estate agencies take 50% of the market by 2020.
He said: “We have been taken back by how well our crowdfunding campaign has gone.
“I never, in my wildest dreams, thought that we would get to £2.5m, two and a half times our target.
“It is an exciting time for online estate agencies with significant investment coming into the sector. We will continue to have the best tech platform and the best customer service in our sector.
“On a personal note, I would like to say a massive thank you to everyone who assisted with the campaign and to all those who invested. With this investment, our ultimate goal is to realise value for our 700 plus shareholders.”
eMoov is forecasting turnover in 2018 to be in excess of £39m driven by growth in the online sector, a new lettings proposition, upselling and global expansion, while a further raise is planned in early 2016 with an IPO or private sale anticipated in the next few years.
The total raised by eMoov was the second highest for a tech company behind parking company JustPark, which raised £3.7m in March.
Investors which contributed included Episode 1 Ventures, Maxfield Capital Partners and Swiss firm Startive Ventures, as well as from the London-based accelerator Seedcamp.