Controversial online estate agency eMoov is on the verge of successfully raising £1m through crowdfunding - and may even hit the target today.
By last evening the pitch by eMoov on the Crowdcube platform was well over £950,000 with over a week to go in its time-limited fund-raising campaign.
“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 Russell Quirk, eMoov's chief executive and founder.
This is not the first time eMoov has achieved high-profile fund-raising.
At the start of 2015 it raised over £2m including investment from Simon Murdoch’s venture capital firm Episode 1. Back in December 2013 it received seed funding from the former TV dragon James Caan.
Quirk maintains that the Crowdcube success suggests his agency is in total valued at around £20m - a figure that has raised eyebrows amongst high street rivals.
In a magazine interview Quirk has justified the valuation by saying that as his agency is a "disruptive business" it has what he calls "aspirational value”.
This is because he contends that by 2020 - when he believes online agency will constitute 50 per cent of the house sales and lettings business - there will be only four or five major online agencies still operating.