London, UK – August 25nd 2022

Flyway, a PropTech company offering fully managed second home co-ownership, has raised $10 million in seed and debt funding from a number of institutional and Angel investors. Proceeds from the round will be used to acquire and sell Flyway’s first properties in London. Flyway’s co-founder and CEO Nikos Drandakis previously founded Beat, a ride-hailing app that Daimler acquired, having reached $700 million in annual revenue.

Based in London and Athens, Flyway targets the international second homes market in large cities, known as pied-à-terre. Flyway offers the best way to buy and own a second home in central city hotspots. It modernizes the generations-old practice of co-owning a second home, creating a marketplace that makes buying and selling of shares easy. Meanwhile, adding professional management of the property and technology (scheduling algorithm) to make owning and staying in the home seamless and straightforward for all co-owners.

Buyers considering a second home in a city browse the Flyway website for available listings and discover the best opportunities based on their preferred location, home type, and budget. Flyway has set up a professionally managed LTD (Limited Liability Company) uniquely designed for co-ownership of each home. The buyer then purchases their desired share of the property — for example, a quarter of the house, which guarantees them access to the home for a quarter of the year — and Flyway keeps selling the remaining shares of the property to vetted buyers.

Owners access everything about their second home via the Flyway App, including booking stays seamlessly, overseeing expenses shared with other co-owners, chatting with their Home Manager, and even unlocking their home from the app. Meanwhile, they pay a £99 monthly fee to Flyway to cater for all property management, including arranging maintenance, repairs, upgrades and cleaning and enhancing the technology that powers up the model.

Flyway raised $10 million in Seed and Debt Funding, with notable investors and lenders participating in the round, including Signal ventures, Monday Capital, GroupRMC, and many notable Angel Investors from the PropTech space like Florian Hagenbuch and Alex Chatzieleftheriou.

“This is the moment where the DIY second home co-ownership model gets “Airbnb-fied” hence enabling this real estate segment to expand significantly,” said Drandakis, the Flyway CEO. “Flyway provides the tools to remove all the barriers that made second home co-ownership cumbersome, like demand aggregation, property management, scheduling, and many more. This way, second home co-ownership in cities with Flyway enables people enjoy their second city while owning a property on their budget”.

“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.”

“Flyway also makes co-ownership of a pied-à-terre more accessible, allowing buyers to purchase anywhere from one-twelfth to half of the home, depending on their occupancy needs,” Drandakis continued. “It dramatically reduces the hassle of owning a property away from your primary residence. And finally, owners can easily re-sell their shares through Flyway’s marketplace or in the open market — without having to get the approval of the other owners.”

In addition to Drandakis and Ilic, Flyway’s team includes Leonidas Dakopoulos, with experience in Finance in the shipping industry; Emma Gavala, with a successful career in Product Marketing; George Papadopoulos, long-time Engineering partner of Drandakis since Beat, and Anton Remnev, with experience as a Product and Digital transformation Director in Banking. 

“The mission of Flyway is to democratize second home ownership, a luxury to which millions worldwide aspire but up until now, they have not had access to. This is more important than ever today, with new societal trends driving unique needs for people, like remote work, owning by sharing, housing affordability and the ever-increasing need to fully utilize resources, like costly real estate assets.”

About Flyway

Your City Second Home on your budget. Invest and live in an iconic pied-à-terre, at a fraction of the cost with co-ownership. Owned by you. Fully managed by Flyway.

Learn More about Flyway on the Flyway website, watch our story on Youtube and follow Flyway on Linkedin, Twitter, Instagram, Facebook.

For more information on this Press Release, contact [email protected].

SOURCE: FLYWAY.APP