Seven-year-old ‘hybrid’ estate agency eMoov has managed to raise a bumper £9m in its latest investment round, with some well-known HNWs and family offices pitching in.
UK-based hedgie Gaby Salem, who co-founded Wharton Asset Management with his older brother Maurice, is now personally involved and joins the ranks of existing institutional players including Episode 1 VC, Maxfield Capital, Spire and Startive Ventures. This latest round was led by consumer investment group JXC Ventures, whose founder James Cox is also behind online mattress phenomenon Simba Sleep.
eMoov, which puts its current enterprise value at £40m, says there’s even more cash to follow in the coming weeks and plans to pump the majority into its tech platform – which has already seen over £3m of investment – and marketing, for which a new “ultra-sophisticated” team has been engaged…
Russell Quirk, Founder and CEO at eMoov.co.uk: “The estate agency space is changing drastically and we have always been at the forefront of that change since we launched in 2009. During this time, we’ve watched the online/hybrid sector evolve to become well established with market share more than doubling in the last two years.
“During this time, we’ve been 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: “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.”
“Having been offered numerous investment opportunities in the online agency sector and from my research of the most dominant players, it was evident that eMoov have the management team, the customer service and the technology to dominate this space. As a seasoned investor of over 20 years with experience in the property sector, I have chosen to invest in eMoov as it’s clear they are ahead of the pack where the online space is concerned.”
Gaby Salem of Wharton Asset Management: “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.”