Fly awaya proptech start-up offering fully managed second home co-ownership, has secured $10m in seed and debt funding to acquire its first properties in London.
Investors in the round included Signal Ventures, Monday Capital and GroupRMC, as well as angel investors Florian Hagenbuch and Alex Chatzieleftheriou.
The Flyway Market – which joins other condominium models in the space such as pacaso and Kocomowhich raised $125 million and $56 million respectively in September 2021 – allows travelers to choose their level of ownership in a home that matches their budget, stay needs, location and type preferences Of house.
Each dwelling is transformed into a private limited company with 12 shares. Buyers choose the share they want – for example, a quarter of the house guarantees that a buyer stays for a quarter of the year – and Flyway sells the remaining shares to selected buyers.
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Homeowners can book stays, oversee shared expenses between co-owners, and access their home through the Flyway app. Flyway manages the property, including cleaning, repairs and maintenance.
“This is where the DIY second home condominium model becomes ‘Airbnb-trusted’, allowing this real estate segment to grow significantly,” says Nikos Drandakis, CEO of Flyway, who previously founded and led the Beat carpooling app.
“Flyway removes all the hurdles that used to complicate second home co-ownership, such as demand aggregation, property management, and planning. We bring together and organize the group of owners, manage the legal process, and provide the technology tools to enable owners to plan their time easily and fairly. In addition, we manage the house itself.”
Founded in 2021, Flyway is based in London and Athens.
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