Vacation home ownership company Kocomo raises $56M
Kocomo, a pre-seed stage proptech startup backed by U.S., European and Latin American investors, has raised $56 million in debt and equity to tackle cross-border, co-ownership of luxury vacation properties.
“In the same way that Netjets uses shared ownership to create a more cost-effective solution for people to enjoy the benefits of private air travel, we apply a co-ownership model to create a smarter way for people to own and enjoy luxury vacation homes worldwide,” said Martin Schrimpff, cofounder/CEO, Kocomo.
This funding round was led by AllVP and Vine Ventures, with participation from Picus Capital, Fontes—QED, FJ Labs, Clocktower Technology Ventures and JAWS (the family office of Starwood Capital Group Chairman Barry Sternlicht), while the debt investment was financed by Architect Capital.
Investments from the founders of four Latin American unicorns, including Mate and Florian of Loft, Oskar Hjertonsson of Cornershop, Carlos Garcia of Kavak and Sergio Furio of Creditas, also make up the round.
Kocomo seeks to upend conventional vacation home ownership by enabling people to own a luxury vacation property abroad through its best-in-class co-ownership and property management model—starting with Mexico. “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,” said Tom Baldwin, cofounder/CFO.
Leveraging the power of technology, Kocomo aims to create a transparent marketplace that empowers people to purchase, own and sell co-ownership interests in luxury homes through its vertically integrated platform, according to the company. In addition to benefiting from potential home appreciation and rental income, co-owners also experience stress-free vacations themselves as Kocomo manages both the luxury property and the other vetted co-owners.
Kocomo is led by a multinational team of entrepreneurs who are driven by their shared passion for international travel, technology, business, design and real estate innovation. “We came together as a team because we believe vacation memories fuel life,” said cofounder/CPO, Graciela Arango. “Often our fondest memories are created during vacation—and we’re passionate about providing more accessible opportunities for people to own a vacation home that’ll serve as the backdrop to unforgettable moments like family game nights, learning how to ride a bike or holiday celebrations.”