Germany: Berlin-based proptech startup MYNE Homes has secured €23.5 million in seed funding to disrupt the holiday home co-ownership market.
Founded in 2021, MYNE Homes aims to make a dream holiday home affordable, accessible and stress-free for owners through its managed co-ownership model. At the same time, it wants to solve many of the difficulties commonly faced in holiday home ownership with innovative thinking and modern technology.
The seed funding round was supported by the likes of FinTech Fund, embedded/capital, the family office of HomeToGo founder Nils Regge, TruVenturo, Scope Hanson, Rivus Capital, CoastCap and Finanzcheck founder Moritz Thiele. They join existing investors such as NUMA Group co-founder and CEO, Christian Gaiser, and Auto1 co-founder Hakan Koç.
MYNE Homes co-founders, Nikolaus Thomale and Fabian Löhmer, said: “There is a growing interest in jointly owned holiday properties for owner-occupation and rental. Our digital all-in-one offer has been very positively received by the market.
“With this investment, we will further expand the digital platform for existing and future co-owners, open up new properties in attractive locations, and further expand our European market leadership,” they added.
Customers on MYNE Homes’ platform are able to buy shares in holiday properties in a range of destinations, including the Alps, Mallorca and Portugal, for a minimum share of €50,000. Although the service is only currently available to customers in Germany, Austria and Switzerland, the startup is seeking to use the incoming funding to open up its platform to more users across Europe and add properties in Italy and France soon.
MYNE Homes believes that it is in a strong position to disrupt the holiday home co-ownership market at a time when more professionals are combining work and vacations through ‘work cations’ and holiday properties are being seen as shrewd investments as a result, against the backdrop of skyrocketing market prices.
According to the startup, the majority of holiday properties are only used by the owners for between eight and ten weeks per year, although buyers still have to cover the entire purchase price and running costs themselves.
Through its ‘managed co-ownership’ principle, MYNE Homes enables between four and eight co-owners to share a dream holiday property together, all while only needing to pay pro rata costs.
Each of the homes is professionally furnished by interior designers and managed by MYNE Homes, while a number of concierge services are also available to the co-owners on site.
Victor Schlenkhoff, managing director at Scope Hanson, said: “MYNE has created a disruptive and very successful business model that enables more people to own real estate – we want to be part of this development.”
Michael Hock, general partner at embedded/capital, said: “In an exceedingly fragmented market with diverse stakeholders, technology is critical to successful cross-border property investment. This is where MYNE Homes is building a unique platform, which we are proud to back as part of this round.”