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PropTech Startups Struggling
Liam Gill
January 09, 2024
News of the Day
Here, a Miami-based startup offering fractional short-term vacation rentals, has announced the cessation of its operations after a little over two years. The company, which launched in 2021 and began operations in 2022, cited the current interest rate environment and economic conditions as reasons for its shutdown. Despite raising $5 million in funding, including a $3.5 million seed round led by Fiat Ventures in July 2022, Here struggled financially. It reported a net loss of $56,374 in the first half of 2023, despite generating $276,233 in revenue, due to high interest and other expenses. The company aimed to democratize investment in vacation rentals, offering shares from as low as $1 and handling property management. However, the challenging economic climate has impacted several proptech startups, leading to similar closures in the industry.
Tweet of the Day
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The truth is, as a founder CEO you can get away with a lot of bad behavior. There are very few checks and balances and many stakeholders, like teammates and BOD members look the other way. Until..,you piss off the customers enough. Then THEY decide your fate.
— Jenny Fielding (@jefielding)
2:14 AM • Jan 9, 2024
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