A hybrid estate agency that launched a fundraising effort on Seedrs yesterday has achieved the funds it sought within five hours of appearing on the crowdfunding platform.
The Nu Move Group, which owns the hybrid agency nu:move and is both profitable and an established player in the newbuild investment market in the UK and overseas, has sought the cash to invest in its hybrid agency.
The raise means 7.06% of the equity in the parent group has been offered up, rather than shares directly in the hybrid agency.
By 6pm yesterday the cash call had been over-funded, raising £152,119 of the £150,000 requested and valuing the overall group at £2.02 million.
Some 25 investors have put money into the raise ranging from £10.92 to £99,000, both from anonymous people.
As The Negotiator reported earlier this week, the nu:move agency plans to use the money to expand its network of regional directors and associates from around 20 to 100 and gain territories covering most of the UK.
The Nu Move Group is the latest, but one of a dwindling number of property companies to raise money to launch or expand a hybrid agency, or proptech platform.
The more recent ones have included MyHomeGroup in July last year, IdealFlatmate in September and before that, during 2017/8, Goodlord, Urban Collective and Doorsteps.co.uk.
Raising money on Seedrs is no guarantee of success – IdealFlatmate failed to raise its £1.3 million target and eMoov’s fund raising on the platform did not prevent it going into administration in late 2018.