Region: London, South East
Programme: Enterprise Capital Funds
Emoov is an online estate agent, offering customers self-serve technology tools for valuation, marketing, buyer-seller matching, negotiation, conveyancing, mortgage etc. to help sell property better, faster while saving them the high traditional agent fees.Online estate agency has been around for years, but has not taken off until now. There are many competitors in the market place, and this will be an execution play and a land grab, with the likelihood being that two or three winners will emerge. Emoov is one of the leaders currently, but in order to maintain their market positioning, the business needed to raise finance. The raised funds were used to build marketing and technical teams and increase marketing.
Emoov met Simon Murdoch at an event organised by Seedcamp, an accelerator network who have also invested in the business. Episode 1 ECF was the ideal partner for them going forward given Simon’s knowledge within the sector, as well as the capital they could deploy as a fund to help them boost the business.
Emoov raised a little over £2m, of which Episode1 contributed half the amount. With the fresh capital injection, they have been able to increase their marketing spend which has lead to an increase in property listings. Moreover, they were able to hire a world-class CTO from GroupOn and CMO from RatedPeople, which has helped in accelerating the business.
Russell Quirk, CEO of eMoov, said:
“Securing this round of finance gave us a the ability to hire a world-class team, increase our voice in the market and further improve our product.”
In an increasingly competitive space Episode 1 have been pivotal in not just providing funding but also contacts, advice and mentoring. The Board that represents the eMoov shareholders could not be stronger now that it includes their representatives and is genuinely ensuring that the business grows significantly. Since taking funding emoov have increased team head count including some very senior hires, delivered industry beating technology and achieved still higher levels of customer service success.