U.K. based real estate tech platform eMoov has so far raised £9m in a new fundraising round, the company has announced.
If you think that's a lot of cash, wait there's more. Property Industry Eye reports the round remains open with more money set to flow in over the next few weeks.
This latest funding round was led by consumer investment group JCX Ventures along with the personal involvement of Gaby Salem from Wharton Asset Management and this latest round means eMoov’s current valuation of around £40m is set to rise.
The company's founder Russell Quirk said eMoov's focus on technology was a key component of its success.
“The estate agency space is changing drastically and we have always been at the forefront of that change since we launched in 2009," he commented. "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.
“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 investment strategy in marketing.
“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, principle at JCX Ventures, said eMoov was the first proptech company that ticked the boxes.
“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,’ he said.
“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.”