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  • Property-a-holics

    Emoov has gone pop - first of many?

    1st of many?

    emoov has called in the administrators this afternoon.

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    This has been on the cards for a while.  Here is the announcement on Property Industry Eye which has attracted a lot of comments.

    This is another company that raised millions through crowdfunding with big promises of success.

    The last raise of over £1million was in July this year - so less than six months later - pop!

    They burned thought investors cash and now they've gone bust.  I am sure this is the first of several.  I predict Doorsteps will be another one ...

    See - "Sorry the money is gone" - crowdfunding

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    " Doorsteps will be another one ... "

    Who? Never heard of them, which is worrying for their brand as I'm on Rightmove multiple times a week.

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    Doorsteps is the agency founded by a teenager.  They have raised over a million £££'s in crowdfunding.  They charge £99.00 to sell a property. 

    I cannot believe that business model is sustainable.

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    Crowdfunding will be the next Sub Prime / PPI / **Insert Other Financial Scandal caused by Stupidity** crisis.

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    I just wanted to add that I feel very sad for the staff of Emoov.  I do hope that they get their Christmas pay packet.  These kind of failures impact staff, investors, and suppliers enormously and my thoughts are with them during this difficult time.

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    Investors who backed Emoov to the tune of almost £2m in its last crowdfunding campaign are threatening to take legal action.

    The Times reported at the weekend that the investors are claiming that they were misled over the financial position of Emoov, which had said it was planning a flotation early next year.

    Instead, Emoov went into administration a week ago, saying it had run out of money because funds promised during its merger with Tepilo and Urban had not materialised.

    Emoov raised £1.84m – way over the original target of £1m – on Crowdcube this summer from 1,067 investors. They had been told that the merger had “attracted an additional £6m from existing shareholders”.

    Full/source article

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    It is now known that at least 32 formal complaints have been received by CrowdCube, the crowdfunding platform that helped Emoov raise almost £2m just a few months before the online agency collapsed.

    Full/source story

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