Fractal Homes, a UK-based start-up offering fractional home ownership across the capital cities of Europe, has scored $30m in a seed round.
Fractal aims to make second home ownership affordable, accessible, and hassle-free through its managed co-ownership model. Fractal believes it is in a powerful position to disrupt the second home ownership market in metropolitan cities across Europe, by offering access to prime properties at accessible prices.
The founders of Fractal want to upend conventional second home ownership. The company offers access to prime real estate at a fraction of its cost; creating a much lower entry point for Middle Eastern buyers looking to acquire a luxury second home in Europe.
The company plans to grow its headquarters in London, with a particular focus on sales, marketing, and engineering hires. Fractal is also looking to expand its presence abroad next year with a base in Abu Dhabi.
The debt capital will go towards the acquisition of luxury properties in sought-after destinations in West London — such as Knightsbridge, Notting Hill, Chelsea, Kensington and Mayfair.
Fractal co-founder Labib Kaddoura said, “Fractal Homes’ platform makes it easier for buyers to own and enjoy second homes in desired European cities. We make second home ownership more accessible by splitting each home into eight equal parts reducing both the initial capital outlay required to buy the home and the often-overlooked high cost of running a property.
“Fractal fully manages the property and takes care of cleaning, maintenance and all operational aspects that come with the running of a home to give buyers a hotel-like experience.”
“Buying a second home for just a few weeks of usage per year in addition to all the maintenance and operational hassles that come with it makes little sense to us. That’s one of the main reasons why we created Fractal.”
Fractal co-founder Wadih Abou Bechara added, “Initially we will predominantly focus on a Middle Eastern clientele wanting to buy a second home in London for work and leisure. The attractiveness of European capitals for Middle Eastern buyers as centres of business, culture and entertainment coupled with a good market entry point seeing the recent appreciation in USD; makes it a very opportune time for buyers to consider the fractional ownership model.”
Copyright © 2023 FinTech Global