London-based Flyway, a proptech startup offering fully-managed second home co-ownership, announced on Thursday that it has secured $10M (approximately €10M) in seed and debt funding.
Signal ventures, Monday Capital, GroupRMC, and proptech angel investors Florian Hagenbuch and Alex Chatzieleftheriou participated in the round.
Flyway says the latest funds will help it to acquire and sell its first London properties.
Frequent travellers in big metropolises typically spend money on hotels and rentals every time they visit. Also, committing to ownership of an entire second home is not affordable for the majority. Flyway was established to change it.
“This is the moment where the DIY second home co-ownership model gets ‘Airbnb-fied,’ enabling this real estate segment to expand significantly,” says Nikos Drandakis, CEO of Flyway.
He adds, “Flyway removes all barriers that made second home co-ownership cumbersome, like demand aggregation, property management, and scheduling. We bring together and organise the ownership group, manage the legal process, and provide the tech tools so owners can easily and equitably schedule time. Plus, we manage the home itself.”
Flyway: What you need to know
Led by Nikos Drandakis and Sanja Ilic, Flyway targets the international city second homes market, known as pied-à-terre.
The platform modernises co-ownership with its proprietary scheduling technology and professional property management, which includes cleaning, repairs, and maintenance.
According to the company, each home is converted into a property-specific LTD (Limited Company) with 12 shares. The frequent city travellers can pick the level of ownership that matches their budget, stay needs, location, and home type preferences.
For example, a quarter of the house guarantees them to stay for a quarter of the year.
Upon investing, owners can access everything, including booking stays, overseeing expenses shared with other co-owners, and chatting with their Home Manager and others through the Flyway App.
“Ownership of a pied-à-terre is now much more accessible since buyers can purchase anywhere from one-twelfth to half of the home, depending on their occupancy needs.” Drandakis says. “It dramatically reduces the hassle of owning a property away from your primary residence. And not just any property, but prime real estate. Still on your budget. Note that you can re-sell your shares anytime, through Flyway’s marketplace or in the open market, without consensus needed among owners.”
“Flyway is here to democratise second home ownership, a luxury now within reach for more mobile citizens, who ‘work and play’ in the world’s largest metropolises. Coupled with pressing societal issues like housing affordability and empty second homes, it is more timely than ever to fully utilise those prime real estate assets.”