
Miami property technology startup Here shut down on Jan. 3, according to a letter posted on its website.
The company, a fractional short-term vacation rental marketplace, reports it is suspending operations “due to the current interest rate environment and economic conditions.” Here aims to sell off its properties in the next six months, the letter said.
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“Here Investments Inc. will manage the sale process to achieve the best possible outcome for investors, recognizing that the economic environment and the market will ultimately determine the sale terms,” the letter said.
It’s unclear how many employees were affected by the closure. The Business Journal was unable to reach a company representative or co-founder and CEO Corey Ashton Walters for comment.
Here raised $5 million from investors over seed funding rounds in 2022, according to data from private company database Crunchbase. The startup reported it aimed to make it easier for average people to invest in real estate by making it possible to purchase shares of vacation properties located in popular destinations. When it launched, Here offered shares for as low as $1 each.
“We launched Here because we believe anyone should have access to the same investment opportunities the ultra-wealthy have,” Ashton Walters said in a statement in late 2022.
In a U.S. Securities and Exchange Commission filing, Here said it generated $276,233 in revenue from rentals in the six months that ended June 2023. However, it also reported a net loss of $56,374 during the same period.
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Here does not directly hold any customer deposits or securities, it reported. Those funds are held by Drivewealth, a registered custodian.
Interest rate hikes over the past two years have posed a challenge for real estate technology companies. In November, the Airbnb-backed property management firm Zeus Living notably folded after raising more than $150 million from investors.
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1 |
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Cushman & Wakefield |
2 |
2 |
CBRE |
3 |
3 |
JLL |