The investment by Dragon’s Den investor Caan and protégé Faisal Butt’s venture capital firm Hamilton Bradshaw Real Estate is aimed at pushing online estate agency “into the mainstream”.
HBRE has assembled a board including Ivan Ramirez, director of global product at Groupon, Jonathan Galore chief technology officer at Wonga.com, and Sheraz Dar, the former group marketing director at Digital Property Group.
All three have co-invested alongside Caan and Butt in a seven-figure investment programme over 24 months. The estimated value of the company upon exit is £50-£100m.
eMoov – now the UK’s largest fixed-cost online estate agency - was launched in July 2010 by Russell Quirk, a former high street estate agent who started in the industry in 1984, running five branch offices between 1999 and 2009.
eMoov charges vendors a flat fee rather than a percentage of sale or rental price and provides typical estate agency services, except for viewings.
Russell Quirk, managing director and founder of eMoov, said: “I want eMoov to be seen by the public as a genuine alternative to conventional estate agents whereas at the moment we’re a well-kept secret.”
eMoov claims to have sold more than £250m of property since inception and saved vendors more than £6m in fees.
Faisal Butt, co-founder and managing director at HBRE, said: “We are looking to bring the same convenience and ease that customers experience while shopping on Amazon into the house selling process.”