Emoov and Tepilo announce merger
The merger will also encompass online letting platform Urban.co.uk, which is owned by Tepilo.
The deal between Emoov and Tepilo is set to leave the company second in the UK market behind leader Purple Bricks.
The newly-enlarged business has secured a total of £15m in new funding, including investment from Northern & Shell, Tepilo’s largest shareholder.
Additional investment is being provided by Channel 4 from its Commercial Growth Fund. This commitment from Channel 4 will provide airtime for Emoov’s advertising.
Emoov CEO and founder Russell Quirk will head the newly merged business. Also in the management team are CFO Frank McGlade (ex Just Eat; Deutsche), CMO Lucy Milne (Just Eat; EE), along with COO Guy Halfhead, former COO of Bookatable.com and CTO and co-founder Ivan Ramirez, former global VP of product at Groupon.com, plus Adam Male of Urban as director of lettings.
“Strategically, this is a powerful combination and with the very best senior team to deliver on our plan to improve and further dominate the estate agency industry,” says Quirk.
“This is a pivotal move in the fast-growing digital sales and lettings sector and is designed to place us as one of the absolute winners in the space.”
Tepilo was established in 2009 by TV property show presenter Sarah Beeny. Initially a For Sale By Owner service, Tepilo rebranded as an online estate agent in 2013.
The business model of both Emoov and Tepilo charges customers a fixed fee to list their fee and the online agents take no commission.