US: Here, a fractional ownership vacation rental marketplace, has raised a $5 million seed round to expand into 20 new destinations.
After its launch earlier this year with a $2 million pre-seed funding round, Here has raised an additional $5 million led by Fiat Ventures along with Joe Montana’s Liquid 2 Ventures, Mucker Capital, Basecamp Ventures, Cooley, and previous Wealthfront CEO Adam Nash.
Here’s marketplace allows investors to obtain partial ownership of vacation rentals. Here handles the property management process from acquisition to management [retaining a minimum of one per cent ownership in every property it acquires], and members can earn monthly income on their investment proposition and potential property appreciation.
Corey Ashton Walters, founder and CEO of Here, said: “I launched Here to democratise access to high-quality real estate investments. We’re bringing the top destination markets with the highest returns to investors of all sizes. The traditional “American dream” of owning a home with a white picket fence is dead. Between a 20 per cent down payment, inflation and high interest rates, purchasing a home is out-of-reach for most young Americans. At the same time, data shows that 75 per cent of all US travel spend will be made by Millennials and Gen Z by 2025. The opportunity has never been hotter.”
Managing partner at Fiat Ventures, Marcos Fernandez, said: “We love the vision of the company, but most important, the hustle, grit, and creativity that Corey brings day-in and day-out. We’re honoured to be a small part of their big vision by leading their Seed round with Fiat Ventures and providing ongoing growth support through our consultancy, Fiat Growth.”
This summer, Here aims to develop its product offerings and enter 20 new destinations.
In light of the announcement, Here reportedly laid off around one-third of its initial team a month ago. Short Term Rentalz came across the news via a LinkedIn post.