Russell Quirk, chief executive of eMoov has stated that “more big announcements” are to be made in the upcoming few weeks. The online estate agent launched eight years ago and is now valued at £40m.
The £9m raised in their latest investment round is planned to be used for marketing and technology. With the rapid growth of Purplebricks, companies are beginning to increase their expense on marketing.
CEO Russell Quirk, says the hybrid and online sector has evolved drastically in the eight years since the agency’s launch.
“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” he says.
In what some see as a reference to the agency’s profile slipping behind that of newer agency Purplebricks, which has a reported 65 per cent of online listings, Quirk says: “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.”
City AM was the first to break the news on the funding.
Some of the new funding comes from Gaby Salem of Wharton Asset Management, as well as Episode 1 VC, Maxfield Capital, Spire and Startive Ventures.
“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, customer service and the technology to dominate this space” Salem told City AM.
Salem calls himself “a seasoned investor of over 20 years with experience in the property sector” and predicts that the online sector – currently with a wide variety of competing companies beneath Purplebricks – will shortly consolidate to only three or four companies.