Wouldn’t be surprised if it’s sold for nothing and, oops, all the money’s been spent. Been a few of those recently.
There is an update posted by (presumably) Russell Quirk:
Future of eMoov in the balance says ”Telephone calls to the company’s main public number, promoted on the websites of Emoov and Tepilo, are not being answered by the usual operators - instead there’s an automated explanation that, due to unforeseen circumstances, the company is unable to accept calls.”
There is a high probability eMoov will end up in adminstration at which point it will be purchased for next to nothing.
Pure speculation, Crowdcube knows more than they are letting on… perhaps this is why they cut their own campaign short.
Crowdcube are also yet to comment on anything to do with eMoov.
Besides this, there is some super weird comments in the Crowdcube eMoov discussions
You’re not kidding there are super weird comments it’s frustrating the way things “appear” to be going so we live in hope crowdcube comment at some point and we hear more from official channels.
Definitely goes to show that you need to make sure you never invest more than you’re willing to lose, and definitely demonstrates the benefits of a well diversified portfolio.
Of course in the case of freetrade I think we’re on to a sure thing great community and great people working really hard.
As this an EIS investment? you may be able to claim some loss relief if you applied for EIS
If you’ve received the eis certificate
Russell Quirk’s email to eMoov staff
Must be horrible for the staff so close to Christmas
Yeah and it doesn’t sound like they have been paid for a while either.
I thought they’ve only just raised via Crowscube. If so it raises questions what diligence was performed. People who invest in start ups know it’s high risk but the timing just raises eyebrows.
This is what I thought also. I don’t think it’s been that long since I saw this on Crowdcube and I even read the overview just to see what it’s all about having many investors. Being a newbie investor, I guess I just didn’t like reading about their merger. My intuition told me there was something wrong. I don’t know but it felt that way. Glad I didn’t invest.
Please accept our apologies for the error in our previous email regarding your name.
We’re contacting you to let you know that Emoov has gone into administration. I’m sure that this news will be extremely disappointing for you as an investor in the company.
The appointed administrators have now taken control of the company and are required to act in the best interest of the company’s creditors (including its shareholders) as a whole. The administration process can take several weeks. As soon as we have an update on the situation we will inform you by email.
If appropriate, loss relief is available under EIS. The administrators will be handling the signing and distribution of EIS certificates in due course. You should seek professional advice if necessary. For more information about tax relief, please visit the HMRC website:
Once again, we understand your disappointment and will update you as soon as we can.
The Crowdcube Team
Here’s a rough timeline: They ended their last round end of August 2018. Russell Quirk registered a new company in September 2018. Then eMoov announced they are looking for a buyer at the start of November, but at the end of October there were rumours they were looking for a buyer.
Some comments from a VC that invested in Emoov. They’ve lost 100% of their investment. Don’t think the typical VC structure (unless it’s a VCT or EIS fund) benefits from the EIS 30% capital protection.
Interesting article - it really does beg the question why they were crowdfunding when they knew the total amount raised would have little/no impact on saving the business.
Feels extremely misleading to the people who invested on Crowdcube…
Some more news, there will be more reports from what I hear.
Agree with you. I feel that their crowdfunding was incredibly misleading and them halving the valuation was the canary in the coal mine.
Their management team should be investigated… They probably won’t though because it was a private company and investors were given sufficient warnings by the crowdfunding platform.