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eMoov secures £500,000 loan to fund lettings and international expansion

eMoov has announced that it has secured a loan of £500,000 to help it expand into lettings, international transactions and license its technology platform.

The funding, which has been lent through Barclays Innovation Finance, is part of a project to help 'innovative' small and medium-sized enterprises. 

In the announcement made by Barclays, eMoov is described as a 'hybrid estate agent'.

“We are delighted to be partnering with Barclays and are grateful to them for their support as we grow," says Russell Quirk, eMoov's founder and chief executive.

"They have proven to really understand our business and share our view that such funding will further accelerate our success in selling homes in a better and fairer way.”

Sean Duffy, head of technology, media and telecoms at Barclays adds: “This is an exciting time for eMoov and we’re pleased they have been able to benefit from our fund, which is uniquely placed to support high growth businesses and entrepreneurs, from start-up, to scale up, to IPO.”

Last autumn eMoov held a successful crowdfunding campaign on Crowdcube, raising over £2.25 million

Quirk said at the time that he was planning a 'further raise' in early 2016 with an Initial Public Offering or private sale still very much in his plans.

The company's estimated turnover was £1.8 million last year.

Yesterday, the agency also announced that it had qualified for the next round of the Virgin Media Business #VOOM competition.

Voting for the competition closed on Monday, with eMoov finishing 19th out of 160 qualifiers.

The firm will now take part in the 'Pitchathon', a 29-hour live streamed Guinness World Record attempt. 

Here, the agency will pitch its business to a panel of judges. 

The top 40 from this stage will go through to the next round, from which three finalists from each category - 'start-up' or 'grow' - will be chosen. 

The finalists will then pitch their business idea to Richard Branson and a live audience in a bid to win an award and/or funding. 

“Delighted to have made the cut for the Pitchathon, although I expected we might," says Quirk.

"Looking forward to being part of the World Record attempt and I have a strong team behind me, so I reckon we have a good chance of making it through."

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