Berlin-based MYNE, specializing in co-ownership of premium vacation homes, has announced a successful €40M Series A funding round. This investment, led by Limestone Capital AG, combines equity and debt financing. MYNE aims to use these funds to expand its market presence and enhance its technology and financial platform. The company’s innovative approach allows multiple investors to co-own high-end vacation properties, making luxury real estate more accessible.
MYNE had previously acquired VillaCircle, a direct competitor, in a strategic move to consolidate its market position. The recent funding round is the largest in the European proptech sector this year. By 2024, the firm’s total raised capital has reached €60M. The company, founded in 2021 by Fabian Löhmer and Nikolaus Thomale, now employs 40 people and is looking to broaden its reach into Croatia, Portugal, Benelux countries, and the UK.
Expansion Plans
MYNE’s new funding will be used to develop its technology and financing platform and broaden its portfolio in existing markets. The company also aims to enter new destinations, particularly Croatia and Portugal. Additionally, MYNE plans to enhance its offerings in the Benelux region and the UK through targeted marketing campaigns and strategic partnerships.
“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,” said Nikolaus Thomale, MYNE’s Managing Director.
Addressing Market Challenges
High property prices in prime locations have made it difficult for younger investors to purchase premium real estate. MYNE addresses these challenges by offering a co-ownership model, reducing the financial burden and sharing maintenance costs among multiple owners. This model is especially attractive during times of economic volatility, such as periods of high interest rates and inflation.
“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,” explained Thomale.
MYNE allows individuals to pool resources to invest in premium vacation homes, starting from an equity investment of €50K. This model not only makes ownership more accessible but also provides benefits like rental income and property appreciation. The company employs a smart scheduling system to ensure fair usage among co-owners, and it manages all aspects of property upkeep, offering a seamless co-ownership experience.
“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,” said Thomale.
The firm is currently offering properties in Germany, Austria, Italy, Spain, France, Sweden, and Croatia. MYNE selects new destinations based on year-round appeal and high-quality living standards.
“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,” Thomale added.
Limestone Capital, a Swiss private equity firm, led this substantial investment, aligning with its strategy of supporting technology-driven platforms. Motive Ventures, another key investor, emphasized MYNE’s leadership and market potential under challenging conditions.
“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,” stated Michael Hock, Partner at Motive Ventures.
MYNE’s approach to co-ownership provides an innovative solution to the challenges of high property prices and economic uncertainty. By spreading the costs and responsibilities among multiple owners, MYNE makes premium vacation home ownership more attainable. This strategy not only meets the needs of younger investors but also ensures that the properties are well-maintained and enjoyed by all co-owners. As MYNE expands into new markets, its model could revolutionize the way people invest in and enjoy luxury real estate.
