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TODAY'S OTHER NEWS

Online agents now 8% of industry says eMoov after £540,000 fundraise

Controversial agency eMoov, which has already raised over half a million pounds in a weekend of crowdfunding, says online agencies now account for eight per cent of the house sales and lettings industry. 

“It’s likely to exceed 50 per cent by 2020” says eMoov chief executive Russell Quirk, in a video which has been posted to accompany his firm’s crowdfunding bid.

The cowdfunding bid, which started on Friday evening, is for an additional £1m which will - says Quirk - see his firm as being valued at £20m. 

“At the start of the year, we raised over £2m including investment from Simon Murdoch’s venture capital firm Episode 1, and, in December 2013, received seed funding from the former TV dragon James Caan. 

“Investment funding has provided much need capital which has fuelled our growth to date. We have plans for a further raise in early 2016, with an IPO or private sale anticipated thereafter” says Quirk.

The crowdfunding website shows that the bid raised £469,000 within 24 hours thanks to investments from 42 unidentified sources; one investment was for £250,000.

After a flurry of interest there were then few additional investments over the rest of the weekend until yesterday evening when investor number 55 took the total to £535,380.

There are still another 25 days remaining for the target to be achieved.

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