An online estate agency business has cancelled its crowdfunding campaign.
Love2move, which provides a platform enabling high street agents to offer a separately branded online service, had been crowdfunding on Crowdcube.
It had hoped to raise £120,000 in exchange for 8.7% equity, with co-founder Mark Worrall valuing the business at £1.25m.
However, the campaign has now been taken down from Crowdcube, after reporting two days earlier that it had reached 68% of its target.
Worrall told EYE: “We are in advanced discussions with a third party and as a result we have taken the step of closing the Crowdcube campaign.”
Those who indicated that they would have liked to invest have been written to.
The communication says:
“Dear Investors
“We have really appreciated the opportunity to introduce love2move to the crowd and we thank you for your support.
“However we have decided to close our fundraising campaign off the Crowdcube platform and it is our intention to close this funding round privately by the end of the month.
“We hope you continue to follow our progress through our social media channels with the handle @love2movehome.
“Thanks the love2move team.”
Two other pitches have recently been withdrawn from crowdfunding platforms – the House Shop and 99home.
Meanwhile, another property business currently on Crowdcube is aiming to raise £350,000.
Ocs Lettings said it aims to be one of the fastest growing and largest letting agents in the UK by 2023, with 9,000 fully managed properties.
It is looking to purchase property portfolios from other agents.
A member of ARLA, it says the business is currently worth £1.77m.
Founder and director is Paul Mulvey.
Yesterday, with 23 days left, Ocs Lettings had raised £76,400.
Glasgow-based Ocs Lettings was incorporated last April.
Who polices these Crowdfunding Platforms?
Who examines the statements made and verifies the financials?
Laughable!
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Yet another Crowdcube onliner failing to secure targeted investment ..Hardly surprising after the Emoov debacle where investors were suckered in by a fanciful tale. Now informed of the staggering losses being incurred . It’ss a case of once bitten twice shy
A huge shadow over this sector raising finance on Crowdcube
Russell Quirk in Financial Times
“We’ve joined together two of the best known fixed fee estate agency businesses to make the ‘number two’ contender; along with one of the UK’s most established online lettings companies,” said Emoov founder Russell Quirk, who will head up the merged business. The combined value of the three companies was £89m, and the newly enlarged business has secured £15m from existing and new shareholders
Crowdcube have recently announced an Awards ceremony where Emoov must be weighed in to win “The Fastest Disappearing Investment Award!
£89m to £300k in 5 months .Home and Hosed for the Puff the Magic DragonTrophy
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How about focus on your own business?
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HertsLocalagentt
Well investment is all about those investments you choose to discard as well as those you run.So particularly focused. What is surprising is the lack of salient financial information which is offered on Crowdcube,If you think failed investment raises and an online estate agency which lost house sellers and investors money run by an individual whose views are still sought by the media is good for your business-think again
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It sounds like a very noble move not to continue to waste other people’s hard earned money but in reality, I think all these chancers have finally just been rumbled?
There is simply no appetite for shovelling cash down the pan anymore!
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Someone has said…
Heard of PPI?????
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So the second guy owns 15 or so small buy to let properties.
What a player.
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The next round of funding at the likes of PB and YOPA is going to be interesting.
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House Simple have their y/end on 31st March – they must have burned through all their cash and some.
Interestingly their accounts for 2017/18 (published 9th January 2019) have had the detailed P&L (p15-p18) removed from the companies house website !
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Nice way to scam money without going to prison
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