Teplio: Property group Emoov to join forces with Tepilo in £100m merger

Online real estate group Emoov today announced a £100m merger with digital property firm Tepilo and online letting agency Urban.The combination of the three proptech companies will create the second-largest online real estate agent in the UK behind industry leader Purplebricks.The merged business will be headed by Emoov CEO Russell Quirk, the company said.Read more: Emoov and Tepilo in talks for £100m online estate agent mergerEmoov also announced that the newly-enlarged business had secured a total of £15m in funding from existing and new shareholders.Russell Quirk, Emoov's CEO, said: "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.Read more: Ranked: Top cities for proptech in Europe"We've joined together two of the best known fixed fee estate agency businesses to make the 'number two' contender; along with one of the UK's most established online lettings companies, and a war-chest of £15m in new cash and media power."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."Former Channel 4 presenter and Tepilo founder Sarah Beeny said: "I'm truly delighted with the combination of the Emoov, Tepilo and Urban families to form such a valuable proposition."Adam Male, founder of Urban.co.uk remarked: "Being part of a much larger group of property specialists with significant resources to deploy for growth, is truly exciting."I'm proud to be joining the senior team at Emoov to advance our progress as the go-to player in better value home sales and rentals."