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eMoov grabs $2.3m to take on estate agents

eMoov
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Online estate agent eMoov has raised $2.3m in seed funding as it targets improvements to the customer experience on the platform.

The London-based startup provides an alternative to traditional estate agents with an online-only service. It advertises users’ properties on online services like Zoopla and RightMove and also deals with negotiations and completion of the sale.

The investment comes from London-based VC Episode 1 and is the firm’s twelfth investment in the last year.

Residential property and the impact of technology

New estate agents

eMoov was founded in 2010 by Russel Quirk who believes sellers “no longer see value in retail spaces”:

“Technology has fundamentally changed this industry and consumers simply aren’t getting the service they pay for from traditional high street agents.”

The online estate agency has now sold over 3,500 properties and claims to have saved home sellers an estimated £11.5m in estate agency fees. The most popular service through eMoov costs sellers £495.

The company will be using the new round of financing to further enhance its customer experience.

Growing sector

The investment comes a year after eMoov’s previous cash injection (from Spire Ventures) and off the back of an exciting year in the property tech sector.

2014 saw Zoopla float, London’s first property tech incubator and a plethora of investments into the sector.

A rival service to eMoov, PurpleBricks, also raised $12m to disrupt traditional estate agents.

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