Flyway, a proptech startup offering fully managed second home co-ownership, has secured $10 million in seed and debt funding to acquire its first properties in London.
Investors in the round included Signal Ventures, Monday Capital and GroupRMC, as well as angel investors Florian Hagenbuch and Alex Chatzieleftheriou.
The Flyway marketplace – which joins other co-ownership models in the space such as Pacaso and Kocomo, which raised $125 million and $56 million, respectively, in September 2021 – lets travelers pick their level of ownership in a home that matches their budget, stay needs, location and home type preferences.
Each home is converted into a property-specific limited company with 12 shares. Buyers choose their desired share – for example, a quarter of the house guarantees a buyer stays for a quarter of the year – and Flyway sells the remaining shares to vetted buyers.
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Owners can book stays, oversee shared expenses among co-owners and access their home via Flyway’s app. Flyway manages the property, including cleaning, repairs and maintenance.
"This is the moment where the DIY second home co-ownership model gets 'Airbnb-fied' enabling this real estate segment to expand significantly," says Flyway CEO Nikos Drandakis, who previously founded and led ride-hailing app Beat.
"Flyway removes all barriers that made second home co-ownership cumbersome, like demand aggregation, property management and scheduling. We bring together and organize 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."
Founded in 2021, Flyway is based in both London and Athens.