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Germany: Berlin-based vacation home co-ownership platform MYNE Homes has announced that it has completed a €40 million Series A funding round in equity and debt financing.
The round, which is the largest financing round in the European proptech sector to date in 2024, was led by private equity firm Limestone Capital AG, alongside existing investors such as Motive Ventures and Scope Hanson. Since its foundation in 2021, the co-ownership platform has raised over €60 million in equity and debt capital, and now manages a “high three-digit number” of shares in holiday properties in six European countries.
Having acquired direct competitor VillaCircle a year ago, MYNE has set its sights on significantly strengthening its market presence, including entering new destinations [including Croatia and Portugal] and expanding its offering to customers in the Benelux region and the UK. The company plans to use the funds to further develop its technology and financing platform to continue scaling the model of co-ownership of premium vacation homes.
Nikolaus Thomale, managing director at MYNE, said: “The funding round we announced today will empower us to embark on our next phase of expansion and growth, as we enable even a higher number of people to own their own second home.”
Fabian Löhmer, managing director at MYNE, said: “We are delighted to have the strong trust of experienced partners such as Limestone Capital at our side and together we are making premium vacation homes an attractive asset class for retail investors being cautious about costs and resources.”
Property prices in well-located areas across the globe have been on the rise, making it particularly difficult for a younger generation of investors to purchase high-quality properties. Despite the costs, buying and owning a vacation home has been associated with plenty of challenges, including tax and legal hurdles involved in searching properties abroad as well as high vacancy and overhead costs.
The current economic conditions with high interest rates, inflation and significantly increased maintenance costs make buying a holiday property an unrealisable dream for many, according to MYNE.
MYNE’s technology-driven co-ownership platform enables individuals to pool their resources and invest in premium vacation homes, thus making ownership much easier and more affordable. It presents the opportunity to purchase shares in prime holiday properties in popular holiday destinations, starting from an equity investment of €50,000, with a share giving a right to use the property at least 6.5 weeks per year.
Via the digital platform, co-owners can have the properties managed on an ongoing basis for a monthly fee – from furnishing, to operation and maintenance. A smart scheduling system ensures that all co-owners can use their property according to their personal preferences.
Benjamin Habbel, CEO of Limestone Capital, said: “We are thrilled to lead this significant investment in MYNE. Their innovative approach to co-ownership is transforming the vacation home market, making premium property ownership accessible to a broader audience.
“This €40 million round, the largest in the European proptech sector this year, underscores our commitment to supporting technology-driven platforms that redefine industries. This aligns perfectly with our strategy of backing platforms that unlock value in the experience economy and we are confident that MYNE’s strong leadership, and unique offering will drive continued growth and success in the European proptech sector,” he added.
Michael Hock, partner at Motive Ventures, said: “It is impressive to see what the MYNE team has achieved under the leadership of the two founders since our first investment in 2022 – despite difficult market conditions. We are very proud to see MYNE as the undisputed market leader in Europe and that our investment thesis of opening up this attractive asset class to a wider range of private investors has paid off.”
