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Movem: second raise and overfunding

Movem is an online property portal, allowing tenants to review their rental experiences, whilst building their own digital rental profile, known as a Movem Passport. Agents and landlords can pay to instantly download a tenant's full reference, designed to be cheaper, quicker, and less open to fraud.

We caught up with Peter Ramsey, founder and CEO of Movem, to find out more about what the company has achieved since its last round, and why the team are raising further growth capital one year later.

What have you achieved with the £200k raised in your first crowdfunding round last year?

We’ve really shifted our company up a gear since then. We’ve almost tripled the number of towns and cities we’re in, and we’ve designed and developed the most comprehensive instant tenant reference ever.

We've also rebuilt the whole website so it’s built to scale and automated almost everything.

Why have you decided to come back to raise further growth capital?

Primarily this raise is to accelerate the growth of Movem and scale our services. We’re weeks away from releasing our first revenue-generating product - so it’s a very exciting time for us.

Have you hit your projections from your last raise?

We’ve exceeded our expectations for growth, in terms of users and cities. Shortly after raising, through the press and awareness we received, we were approached by large agency chains. They highlighted the opportunity we had to make Passport magnitudes better, and simultaneously the letting fee ban was happening. We decided that instead of trying to sell our original product, we’d invest more in R&D - a decision that I think has paid off, as we now have a far better product with much more interest.

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Has there been any changes or new challenges in the property market in the last 12 months?

There’s no darting around it, the market has changed in our favour - luckily. The letting fee ban is getting more serious, and the government is trying to clamp down on rogue landlords and agencies.

There’s never been a more obvious need for transparency. Plus, Movem Passport reduces the time and cost of tenancy applications, which agencies desperately need as the fee ban is cutting off a lot of potential revenue.

What’s next for Movem?

We’re just rolling out Passport now, and over the coming weeks/months you’ll start to see more agencies using Passport to reference their tenants. For the first time ever, tenants will be referenced instantly, and then be able to leave verified reviews.

Big things are coming, and we’re excited to finally be able to unveil what we’ve been working on.

You can watch the video below where I spoke at the Google campus in London to find out more about the Movem Passport, along with a Q&A with the audience.

If you would like to invest in Movem, which is currently overfunding, visit the pitch page here.

Investments of this nature carry risks to your capital. Please Invest Aware.

Risk warning

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This page is approved as a financial promotion by Crowdcube Capital Limited, which is authorised and regulated by the Financial Conduct Authority. Pitches for investment are not offers to the public and investments can only be made by members of crowdcube.com on the basis of information provided in the pitches by the companies concerned. Crowdcube takes no responsibility for this information or for any recommendations or opinions made by the companies.