Episode 1 the London VC firm led the recent funding round supporting the innovative online estate agency eMoov. Reversing the traditional status quo of estate agency and saving £11.5 million in estate agency fees, eMoov is definitely one platform to watch out for. “We’ve taken the lead position in the online estate agents market – which has doubled its market share every year since 2010,” comments Russell Quirk, Founder and CEO.
“It was clear to me that property portals would become destinations for property buyers .. Technology has fundamentally changed this industry and consumers simply aren’t getting the service they pay for from traditional high street agents.”
Having sold 3,500 properties online and a customer satisfaction rate of 98% the funding round will be used for marketing and a new customer platform.
Having backed LoveFilm, Zoopla, Betfair, Simon Murdoch, Episode 1’s managing partner commented “We love to invest in innovative companies who are obsessed about providing a fantastic service for customers in large markets. In our view, eMoov is just such a company. The company has the team, product and customer-centric approach to win in this exciting sector and we’re really looking forward to being part of that journey.” eMoov has since expanded its management team with the appointment of COO Taylor Wescoatt, a former eBay and Time Out product executive, and Head of Marketing Stephen Jury, who previously worked at Motors.co.uk and Ladbrokes.
The residential property industry in the UK is worth over £5 trillion alone. This explains the launch of Europe’s first property accelerator Pi Labs in London.