Flyway Launches to Create New Category of Pied-à-terre Ownership; Secures $10 Million in Seed and Debt Funding

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LONDON, Aug. 25, 2022 /PRNewswire/ -- 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 are used to acquire and sell Flyway's first London properties. Flyway is led by serial founders with a previous exit, Nikos Drandakis and Sanja Ilic, former CEO/Founder and COO respectively, of Beat, a ride-hailing app that Daimler acquired, having reached $700 million in annual revenue.

Based in London and Athens, Flyway targets the international city second homes market, known as pied-à-terre. It modernizes co-ownership, thanks to its proprietary scheduling technology and professional management of the property (cleaning, repairs, maintenance). Meanwhile, it creates a smooth marketplace to buy and sell shares in city second homes.

Investing in one (or more) Flyway Homes provides an alternative to hotels, rentals and costly full homeownership. Frequent city travellers pick the level of ownership that matches their budget, stay needs, location and home type preferences. Each home is converted into a property-specific LTD (Limited Company) with 12 shares. Buyers choose their desired share — for example, a quarter of the house guarantees them stays for a quarter of the year — and Flyway keeps selling the remaining shares 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 their phone.

Notable investors and lenders participating in the round include Signal ventures, Monday Capital, GroupRMC, along with PropTech Angel Investors Florian Hagenbuch and Alex Chatzieleftheriou.

"This is the moment where the DIY second home co-ownership model gets 'Airbnb-fied' enabling this real estate segment to expand significantly," said Drandakis, Flyway CEO. "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."

"Ownership of a pied-à-terre is now much more accessible since buyers can 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 not just any property, but prime real estate. Still on your budget. Note that you can re-sell your shares anytime, through Flyway's marketplace or in the open market, without consensus needed among 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; and Anton Remnev, with experience as a Product and Digital transformation Director in Banking.

"Flyway is here to democratize second home ownership, a luxury now within reach for more mobile citizens, who 'work and play' in the world's largest metropolises. Coupled with pressing societal issues like housing affordability and empty second homes, it is more timely than ever to fully utilize those prime 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 on the Flyway website, watch our story on YouTube and follow Flyway on LinkedIn, Twitter, Instagram, Facebook.

Contact:
[email protected]
+44 (0)7360 542411

SOURCE Flyway