Between having the Aston detailed on a weekly basis, and the mooring fees for the Feadship, combined with these pesky soaring inflation rates, many have been forced to consider partial ownership of that holiday home in Majorca they’ve been promising the family for quite some time now. Times are tough.
Thankfully, European startups such as France’s Altacasa, and Spain’s Vivla are lending a helping hand to those looking to get their hands on a home away from home, and now Germany has its own solution via MYNE.
The startup has raised €23.5 million in a seed funding round that will be used to further develop its technology and financing platform, alongside expanding property offerings to Italy and France. Previously available only to German, Austrian, and Swiss customers, the investment is also slated to be used to open up the platform to potential customers across Europe.
Just over a year and a half ago, Mansion Global revealed that during 2020, the demand for second homes soared by 58.8%, with applications for second home mortgages peaking in September, up 118% year over year.
"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," commented MYNE co-founders Nikolaus Thomale and Fabian Löhmer.
Similar to the aforementioned other players, MYNE (don’t worry, the irony of the name isn’t lost on this author) offers anywhere between 2 to 8 customers the opportunity to buy a stake in a holiday home in some prime destinations including the Austrian Alps, Majorca, and Portugal for as little as €50,000.
According to the startup, “A smart scheduling system ensures that all co-owners can use their property according to their personal preferences.” But what about the taxman’s cut you say? Again, according to MYNE, “We take over the professional property management including the coordination of legal and tax processes on-site and provide you with all information in a structured and transparent way (e.g. for your tax return).” Phew. There’s one less thing to worry about.
MYNE’s €23.5 million seed funding consists of debt and equity capital provided by embedded/capital, TruVenturo, Scope Hanson, Rivus Capital, and CoastCap. Existing investors include Hakan Koç (Auto1) and Christian Gaiser (numa stays).