Monday 21 August 2017 4:35 pm

Online estate agent Emoov raises £9m in latest funding round

Online estate agent Emoov has raised £9m in its latest investment round, City A.M. can reveal.

The group said the new injection of funding brings its enterprise value to £40m. Emoov is planning to plug the money into its technology platform and marketing.

The company said the latest fundraising included personal involvement 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, the customer service and the technology to dominate this space," Salem said.

"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."

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.

James Cox, principal at JXC Ventures said: "Having followed the proptech sector for a number of years, Emoov was the first company that really ticked 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'."

Russell Quirk, Emoov's founder and chief executive, said the company had watched the online/hybrid estate agents sector evolve drastically since launching in 2009.

"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," he added.

"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."