Berlin-based MYNE, a company specialised in providing co-ownership options for premium vacation homes, announced on Thursday that it has secured €40M in a Series A (equity and debt financing) round led by Limestone Capital AG.
Existing investors, including Motive Ventures and Scope Hanson, also participated in the round.
This marks the largest financing round in the European proptech sector to date in 2024.
To date, the company has raised €60M in equity and debt capital from investors. The company currently has 40 employees.
The announcement comes a year after the acquisition of its direct competitor VillaCircle.
Fund utilisation
MYNE will use the funds to 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.
In an interview with Silicon Canals, Nikolaus Thomale, Managing Director, says, “We will expand MYNE’s presence in Benelux and the UK through localised marketing campaigns, strategic partnerships, showcasing properties that fit the local desire, and hosting engagement events to build brand awareness and trust.”
What does MYNE solve?
Property prices in prime locations worldwide have been increasing, making it tough for younger investors to buy top-notch properties.
Despite the costs, buying and owning a vacation home has been associated with plenty of challenges, including tax and legal hurdles.
The current economic conditions with high interest rates, inflation, and significantly increased maintenance costs make buying a holiday property an unrealisable dream for many.
“In times of higher interest rates and inflation, fewer people want to or can afford to own a vacation home alone. This makes MYNE’s co-ownership model even more compelling, as it offers a smaller financial commitment. Additionally, our transparent cost-sharing, adaptive financial strategies, and real estate’s value retention as a stable investment choice further strengthen our value proposition during economic volatility,” he explains.
MYNE: Provider for premium vacation home
Founded by Fabian Löhmer and Nikolaus Thomale in 2021, MYNE allows individuals to pool their resources and invest in premium vacation homes, thus making ownership much easier and more affordable.
“MYNE appeals to younger investors by offering affordable and accessible fractional ownership, digital convenience through our MYNE app, a strong emphasis on sustainability, and fostering a sense of community and networking opportunities,” explains Thomale about making the co-ownership model remain attractive to a younger generation.
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 €50K.
About risks associated with co-ownership
Besides numerous benefits, co-owning a vacation home comes with its own set of risks, including financial disputes, usage conflicts, maintenance issues, and more.
Explaining how MYNE mitigates risks associated with vacation home co-ownership, Thomale says, “MYNE mitigates co-ownership risks by implementing a fair reservation system, managing all property maintenance, ensuring financial transparency, and handling all legal and regulatory issues to provide a seamless and secure ownership experience.”
A share gives a right to use the property at least 6.5 weeks per year.
Through the digital platform, co-owners can manage the properties 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.
Selecting a vacation home destination
Currently, the company offers properties in Germany, Austria, Italy, Spain, France, Sweden and Croatia.
“At MYNE, we select new vacation home destinations based on year-round appeal, scenic and desirable locations, high-quality and comfortable properties, and rich cultural and recreational opportunities to ensure they meet the high standards our co-owners expect,” adds Thomale.
The investor
Limestone Capital is a Swiss-based private equity firm that focuses on private equity, private credit, and special opportunities.
Most investments follow a branded platform strategy, in which value-added real estate is transformed by scalable, technology-enabled operating brands and seasoned management teams, delivering significant returns for shareholders and investors.
Benjamin Habbel, CEO of Limestone Capital says, “We are thrilled to lead this significant investment in MYNE. Their innovative approach to co-ownership is transforming the vacation home market, making premium property ownership accessible to a broader audience. This €40M round, the largest in the European proptech sector this year, underscores our commitment to supporting technology-driven platforms that redefine industries. This aligns perfectly with our strategy of backing platforms that unlock value in the experience economy and we are confident that MYNE’s strong leadership and unique offering will drive continued growth and success in the European proptech sector.”
Motive Ventures is the early-stage investment arm of Motive Partners, focused on pre-seed through to Series A financial technology investments in North America and Europe (incl. Israel).
Michael Hock, Partner Motive Ventures says, “It is impressive to see what the MYNE team has achieved under the leadership of the two founders since our first investment in 2022 – despite difficult market conditions. We are very proud to see MYNE as the undisputed market leader in Europe and that our investment thesis of opening up this attractive asset class to a wider range of private investors has paid off.“
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