Vacation proptech MYNE raises €40M

Managed co-ownership provider for premium vacation homes, MYNE, has raised a €40M Series A funding round in equity and debt financing. 

The round, which is the largest financing round in the European proptech sector to date in 2024, was completed only 1 year after the acquisition of MYNEs direct competitor VillaCircle. The company, which offers shares of holiday properties in six European countries, is significantly strengthening its market presence with this financing round. MYNE will use the funds to further develop its technology and financing platform and expand its portfolio in existing markets. Moreover, the company is entering new destinations with Croatia and Portugal and aims to expand its offering to customers in the Benelux countries and the UK.

The investment round led by Limestone Capital AG, a leading private equity firm dedicated to investing and creating value in the experience economy, was joined by existing investors such as Motive Ventures and Scope Hanson. Since its foundation in 2021, the co-ownership platform has raised over 60 million in equity and debt capital and now manages a high three-digit number of shares in holiday properties.

Nikolaus Thomale, Managing Director, commented: “The funding round we announced today will empower us to embark on our next phase of expansion and growth, as we enable even a higher number of people to own their own second home.” Fabian Löhmer, Managing Director, added: “We are delighted to have the strong trust of experienced partners such as Limestone Capital at our side and together we are making premium vacation homes an attractive asset class for retail investors being cautious about costs and resources.”

Property prices in well-located areas across the globe have been on the rise, making it particularly difficult for a younger generation of investors to purchase high-quality properties. Despite the costs, buying and owning a vacation home has been associated with plenty of challenges, including tax and legal hurdles involved in searching properties abroad as well as high vacancy and overhead costs. The current economic conditions with high interest rates, inflation and significantly increased maintenance costs make buying a holiday property an unrealisable dream for many. 

The technology-driven co-ownership platform of MYNE allows individuals to pool their resources and invest in premium vacation homes, thus making ownership much easier and more affordable. Furthermore, a higher number of investors share the benefits of ownership, such as rental income and appreciation. MYNE presents the opportunity to purchase shares in prime, holiday properties in popular holiday destinations, starting from an equity investment of 50,000 euros. A share gives a right to use the property at least 6.5 weeks per year. Via the digital platform, co-owners can have the properties managed on an ongoing basis for a monthly fee  - from furnishing, to operation and maintenance. A smart scheduling system ensures that all co-owners can use their property according to their personal preferences. MYNE also supports co-owners who want to sell their shares to another.