Here launches and closes $2m pre-seed funding round

US: Miami-based fractional ownership vacation rental marketplace startup Here has announced that it is formally launching and raising a $2 million pre-seed funding round.

Liquid 2 Ventures, Mucker Capital, Bragiel Brothers, Alumni Ventures and Gaingels, as well as a number of fintech executives and angel investors participated in the round.

Founded in 2020 with a mission to “unlock the $1.8 trillion short-term rental market” for everyday investors, Here is offering fractionalised property shares on its platform for a minimum of $1 per share.

Corey Ashton Walters, founder and CEO of Here, told FinLedger: “Real estate investing is broken – the barriers to procure and manage rentals are too high and it’s only accessible to an elite few. We launched Here because we believe anyone should have access to the same investment opportunities the ultra-wealthy have.”

Walters, also a co-founder of cloud-based real estate brokerage Homeworthy, is joined by Keith Breon [head of operations], formerly director of guest marketing and revenue at Vacasa, Caleb Olthoff [previously VP of technology at Evolve] as head of product, and Eugene Davidzon [formerly of Divvy Homes] to work in property acquisition.

Here’s marketplace allows members to browse according to investment criteria, enabling them to decide how many shares they wish to purchase and invest before each property is securitised by The US Securities and Exchange Commission and broken into shares.

Meanwhile, Here handles the property management process in an end-to-end way 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.

The company sees itself as providing opportunities for users to invest in the fractional ownership asset class, not only wealthy investors, and making it easier to manage, buy shares in, and source vacation rentals.

Looking to the future, Here is aiming to launch properties in new markets as soon as possible, potentially in Largo, Florida; Joshua Tree, California; the Poconos, Pennsylvania; the Smoky Mountains or Rockies.