eMoov dramatically raised the stakes in the online sector, announcing that it has so far raised £9m in a new fundraising round.
The round remains open with more money set to flow in over the next few weeks.
That means that eMoov’s current valuation of around £40m is set to rise.
The announcement also means that the market leaders are pulling ahead of the pack.
The latest raise includes the personal involvement of Gaby Salem of Wharton Asset Management. The round was led by leading consumer investment group JCX Ventures plus some tech entrepreneurs.
Russell Quirk, eMoov founder, said: “The estate agency space is changing drastically and we have always been at the forefront of that change since we launched in 2009. During this time, we’ve watched the online/hybrid sector evolve to become well established with market share more than doubling in the last two years.
“During this time, we’ve been focused on building a superior technology platform, hiring an unbeatable management team and providing the best customer service in the industry. With these strong foundations in place, we now feel it’s time to accelerate our growth through a clever and sustained investment strategy in marketing.
“We’ve been more considered than some in our methodology and therefore, we will emerge and remain as one of the few estate agency disruptors that are actually sustainable. Expect more big announcements from us in the coming weeks.”
James Cox, principle at JCX Ventures, said: “Having followed the proptech sector for a number of years, eMoov was the first company that really ticked the boxes for us.
“Their unrivalled tech platform allows for rapid growth, with a focus on optimisation rather than removing the human element from what is still a ‘people business’.
“The new marketing team, along with investment leveraging this strong core, will create significant shareholder value over the years to come as the market shifts towards the online sector even more rapidly.”
Gaby Salem of Wharton Asset Management said: “Having been offered numerous investment opportunities in the online agency sector and from my research of the most dominant players, it was evident that eMoov have the management team, the customer service and the technology to dominate this space.
“As a seasoned investor of over 20 years with experience in the property sector, I have chosen to invest in eMoov because it’s clear they are ahead of the pack where the online space is concerned.
“In an industry that is just crying out for improvement I believe the online/hybrid sector will grow significantly in market share in the near future, whilst consolidating to just three or four major players.”