Emoov, part of Mashroom proptech, offers a data-driven instant buyout (instant-buyer) service that provides guaranteed offers to speed up property flipping and tackle transaction chains. The core product delivers guaranteed offers intended to reduce the roughly 30% of UK transactions that fall through and the fees associated with chain delays. To underwrite the guaranteed-offer flow, Emoov has arranged capital via a multi-million-pound credit facility in partnership with Selina Finance. Selina Finance is backed by GFC and Picus Capital, who therefore indirectly support Emoov's funding arrangement. Emoov plans to pilot the instant-buyer model across select UK areas before a nationwide rollout. The company estimates an addressable market of up to 50% of transactions, worth as much as £100bn a year. eMoov is an online real estate agent in the U.K. that now describes itself as a “hybrid estate agent,” combining automated processes with real people on the ground. The company offers a full estate agency service including valuations, floor plans, EPCs and photography alongside its tech platform. eMoov says new capital will be used to further enhance its technology platform and to increase marketing spend via a newly engaged marketing team. The startup previously raised £3 million and has picked up £9 million in new backing in the disclosed round. The disclosed round is still open and the company says it could add a further £3 million in the coming weeks. Founder Russell Quirk has commented on consolidation in the sector but indicated he does not think mergers or roll‑ups make much sense for the business model. eMoov is an online estate agency led by CEO and founder Russell Quirk, based in Brentwood, UK. The company sells residential properties for home sellers using a fixed, lower-fee approach. It leverages technology intended to make the selling and buying process transparent. The business attracted both retail and venture investors in its recent fundraising. Management has indicated plans for a further round in early 2016. An IPO or private sale is anticipated in the next few years. eMoov operates as an online estate agent that handles house sales rather than rentals. Founder and CEO Russell Quirk launched the business in 2010 after selling his family estate agency. The company aims to move property-sale transactions online to reduce the administrative fees charged by traditional agents. eMoov competes in a heated UK proptech market alongside rivals such as EasyProperty, OpenRent and Purplebricks. The article states the online estate-agent sector takes roughly 5% of the UK home-selling market and is doubling in size each year, indicating room for growth. eMoov recently raised £1.5m in a new funding round led by London VC firm Episode 1.

Total raised

$18M

Funding rounds

4

Latest round

Equity

Latest activity

Aug 2017