08 January 2024

Proptech Startup Here Closes Amid Rising Rates

Startup Here shuts down, attributing closure to economic conditions influenced by escalated interest rates after two years in operation.

Another proptech startup crashes and burns, cites ‘current interest rate environment’

Here, a fractional short-term vacation rental marketplace, has shut down after just over two years of operation. The Miami-based startup struggled due to rising interest rates and economic challenges, despite a funding influx of $5 million. With plans to liquidate its property assets within six months, the startup reveals operational losses and revenue figures, shining light on the hardships faced by proptech initiatives in reacting to the fluctuating market.

A Brief Lifespan and Financial Struggles

Founded in 2021, the company aimed to simplify investment in vacation rentals but reported significant net losses by mid-2023. Interest hikes have proved detrimental for multiple proptech startups, and Here's shutdown adds to the growing list of technology-driven real estate ventures facing adversity amid a challenging economic environment, with the recent closure of Frontdesk being another example.

Proptech, Startup, Shut Down, Interest Rates, Economy, Vacation Rentals, Investment, Fintech, Here, Corey Ashton Walters

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