The hybrid estate agent, eMoov.co.uk, has announced a multi-million-pound investment round that is intended, says Russell Quirk CEO, “to cement the company’s position at the forefront of a rapidly changing estate agency sector.”
Existing institutional players such as Episode 1 VC, Maxfield Capital, Spire and Startive Ventures, are joined by the personal involvement of Gaby Salem of Wharton Asset Management. The round was led by the consumer investment group JXC Ventures plus a host of well-known tech entrepreneurs. JXC is associated with some big-name businesses such as Simba Sleep.
The funding will be used to enhance the company’s technology platform which has already £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 (pictured), Founder and CEO at eMoov.co.uk says, “The estate agency space is changing drastically and we have always been at the forefront of that change since we launched in 2009.
“We’ve 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.”
James Cox, Principal at JXC Ventures said, “Having followed the PropTech sector for a number of years, eMoov was the first company that really ticked all of 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.”
“In an industry that is just crying out for improvement I believe the online sector will grow significantly in market share in the near future, whilst consolidating to just three or four major players, whom will take advantage of the spoils.” adds Gaby Salem of Wharton Asset Management.