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Investment slows but eMoov hits two-thirds of £1m target

Online estate agency eMoov has is close to reaching two thirds of its target £1m in crowdfunding but after a spectacular start, investments have slowed in recent days.

The appeal was launched a week ago, initially to contacts and friends of the company; it raised a spectacular £469,000 within 24 hours from 42 unidentified investors, one of which put in £250,000.

Another dozen or so investors took the total to £525,000 by the end of the long Bank Holiday weekend but since then investments have been less intense.

As of early this morning, with investments opened to the wider public about £633,000 had been raised overall - around 63 per cent of the total, but scarcely £100,000 more than at the start of the working week. There are, however, 27 days left for investors to contribute.

eMoov chief executive Russell Quirk says his firm is valued at £20m, having secured over £2m in past investments from the likes of Simon Murdoch’s venture capital firm Episode 1, and seed funding from the former TV dragon James Caan. 

“We have plans for a further raise in early 2016, with an IPO or private sale anticipated thereafter” says Quirk.

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