Puerto Rico: Puerto Rican property startup Sojourn has raised an undisclosed sum of investment from Redwood Ventures, which will go towards expanding its reach and proptech services in Latin America.
Redwood, currently the largest venture capital fund in Western Mexico, has already invested in a number of multinational property management firms that operate more than 200 short-term rentals in Puerto Rico, Mexico, the US and Colombia.
Sojourn’s aim is to disrupt and revolutionise the short-term rental market by providing flexible arrangements, a positive return of investment (ROI) and more.
Redwood Ventures managing partner Ian Paul Otero said: “It’s a fact that the collaborative economy has come to transform the way in which we consume services every day. Those business models are here to stay and continue transforming our daily lives.”
Sojourn, founded by Ryan Anderson and Daniel Zammata, operates under a master lease arrangement which allows homeowners to increase the value of their short-term rental properties by offering hotel-quality services through its proptech solution. Furthermore, the company offers them the chance to include their property on its tech platform, as well as access its customer support, marketing services, pricing assistance and security features.
The company’s co-founders believe they can increase property values by up to 40 per cent as the short-term rental sector grows at a rate that is reported to be six times faster than traditional accommodation and hospitality models.
Otero said: “Through improvements in occupancy and quality, we are very excited to invest in Sojourn, not only for the market potential we visualise but for the great capacity and experience that we see in the team. We hope to grow significantly and support them in its expansion process in Mexico.”
For more information, visit the Sojourn website here.
In relevant news, follow the link here for the ShortTermRentalz thought leadership piece on the master lease model, entitled ‘The master lease model: is it about to burst’.