Kocomo raises $56M for luxury home co-ownership model

Mexico City-based startup Kocomo has raised $56 million in a bid to democratize vacation home ownership.

The round, a mix of debt and equity, was led by AllVP and Vine Ventures, with participation from Picus Capital, Fontes - QED, FJ Labs, Clocktower Technology Ventures and JAWS; Architect Capital financed the debt investment.

Investments from the founders of four Latin American unicorn startups, including Loft, Cornershop, Kavak and Creditas, also make up the round.

Founded in 2021, Kocomo enables people to co-own luxury vacation properties. Through its technology and marketplace, users can purchase, own and sell co-ownership interests in luxury homes.

“With Kocomo, we have created a new unit of real estate ownership that is better suited to actual use patterns for vacation properties - and our end-to-end platform makes co-ownership completely hassle-free," says Kocomo co-founder and CFO Tom Baldwin.

Kocomo manages each property and vets all co-owners, who can benefit from both enjoying the vacation homes themselves as well as through potential home appreciation and rental income. The homes, currently located in Mexico, can be co-owned by no more than eight families.

The startup joins similar companies in the space such as Pacaso, which in March raised $75 million in funding at a $1 billion valuation.

Founded in October 2020 by former Zillow executives Austin Allison and Spencer Rascoff, Pacaso caters to people looking to co-own a second home in markets such as Napa, Malibu and Palm Springs in California and Park City, Utah.