United States: Here, a vacation rental condominium market, raised a $5 million funding round to expand into 20 new destinations.
After launching earlier this year with a $2 million pre-seed funding roundHere raised an additional $5 million led by Fiat Ventures with Joe Montana’s Liquid 2 Ventures, Mucker Capital, Basecamp Ventures, Cooley and former Wealthfront CEO Adam Nash.
Here’s marketplace allows investors to obtain partial ownership of vacation rentals. Here manages 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 started Here to democratize access to high quality real estate investments. We offer the best destination markets with the highest yields to investors of all sizes. The traditional “American dream” of owning a house with a white picket fence is dead. Between a 20% down payment, inflation and high interest rates, buying a home is out of reach for most young Americans. At the same time, data shows that 75% of all travel spending in the United States will be made by Millennials and Gen Z by 2025. The opportunity has never been hotter.
Fiat Ventures Managing Partner Marcos Fernandez said, “We love the vision of the company, but most importantly, the restlessness, courage and creativity that Corey brings day in and day out. We are honored to be a small part of their big vision by leading their funding round with Fiat Ventures and providing continued support for growth through our advisory firm, Fiat Growth.
This summer, Here aims to develop its product offer and enter 20 new destinations.
In light of the announcement, Here reportedly laid off around a third of its initial team a month ago. Short Term Rentalz came across the news via a LinkedIn Publish.
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