Regional News

Emoov may be closing successful crowdfunding campaign early

By Editor 0 Comments NEWS, Regional News

Emoov may have chosen to close its crowdfunding campaign early, after shooting over its £1m target.

On July 5th, possible investors received an email informing them that they might have only a short window of opportunity to put money into the company.

The email stated: “We’re now overfunding . . . but not for long. Tomorrow we’ll be taking stock and potentially closing our campaign early.

“As you have expressed an interest in investing in the Emoov Group, we wanted to make sure we gave you prior warning before we potentially close out this opportunity – giving you a last chance to invest.”

By early July 6th, it had received over £1.3m from 484 investors, mostly contributing small amounts.

On the discussions section of its Crowdcube pitch, eMoov dealt with some interesting questions.

One asked what the current monthly revenue was and said that projections made in a previous crowdfunding round were wrong by almost a factor of seven.

The questioner asked: “How can you convince us that the same will not happen with the progressive projections for next year?”

Russell Quirk, CEO of Emoov, replied that monthly revenues are currently £650,000 and annualised at £7.8m. He expects this to grow to £13m by the end of the financial year next April.

He said that when Purplebricks listed on AIM in December 2015, its valuation was 30 times current annual revenues. “They’re now a £1bn business and early investors have made a very impressive return.”

Read more here.

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