Emoov has launched a crowdfunding campaign giving investors, it says, “a final chance” to put their money into the hybrid agency before a likely Initial Public Offering on the London Stock Exchange in 2019.
So far, launched only to private investors by invitation, it has raised approaching £1m; later today it goes to a wider audience.
A promotional video to accompany the launch of the crowdfunding campaign puts Emoov chief executive Russell Quirk very much at the centre of activities with him explaining his personal background as a third generation estate agent.
Emoov previously held a crowdfunding round in 2015 via Crowdcube - the same platform being used today. Three years ago the £1m raise target was vastly exceeded and £2.6m was raised.
Emoov last month merged with other online operators Tepilo and Urban - in the crowdfund video Quirk describes the deal as Emoov acquiring the agents - and this brought with it £15m in new money and media equity.
However, it didn’t allow previous Emoov crowd investors an opportunity to further invest and now its “previous 60,000 past customers, staff, friends and family” can put in as little as £50 in the new combined business, which the Crowdcube site describes as being valued at £104m.
“We hope that the proof is very much already in the pudding given the fantastic success we achieved last time we crowdfunded, and we hope that the newly enlarged Emoov group will be an even more attractive proposition to Crowdcube investees this time around” says Quirk.
“In contrast to our last campaign, we already have the foundations in place to put our sights on an IPO. However, we wanted to offer one last opportunity for non-institutional investors to support the enlarged company, and to benefit from the anticipated uplift in value that our continued success is likely to deliver” he adds.
Emoov charges a fixed fee from £795 and offers an alternative 'Pay Only When Sold' option from £1,495; it says it has sold over 30,000 properties in 98 per cent of all UK postcode areas.
You can see the agency’s crowdfunding video and how much it’s raised so far here.
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You really can fool some of the people some of the time. Snake-oil salesmen, charlatans and hucksters are still alive today, so best be careful if something seems too good to be true.
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