Altacasa, a platform helping people buy a share of second homes in the UK and Europe, has raised €2m in pre-seed funding from angel investors.
People can buy a sixth or more share in a home and be able to use it for at least two months of the year depending on the size of the share.
The company will use the funding to develop its platform, source high-quality properties and grow the team across London and Paris.
Altacasa is marketing itself as giving people access to property hotspots costing millions, such as homes in prime locations like the Cotswolds, Provence and the Alps in France, as well as Costa Del Sol and Ibiza in Spain.
Romain Saint Guilhem, founder and chief executive of Altacasa, said: “I’ve always wanted to do something that merged my passion for technology, finance and real estate and Altacasa is the result.
“We want to make it easier, more affordable and smarter for people to enjoy all the benefits of a second home, without the hassle of maintenance or having to deal with inflexible and restrictive timeshares which depreciate in value over time.
“Europe is the most sought-after second home market in the world and we’re excited to make this dream a reality for many and reinvent the experience thanks to technology.”
The company handles management, scheduling, maintenance and cleaning of properties.
This isn’t free however, as buyers pay a monthly subscription to the company in return for Altacasa handling everything related to the home – from a concierge service to pick them up from an airport or train station, cleaning, customer support and maintenance.
The company is seeking homes that were recently renovated, while it will add modern amenities such as home automation.
It took aim at timeshares, saying they are an impersonal solution that only allows access for a week during a year.
Unlike other timeshares, buyers will benefit from the asset increasing in value in the event of a sale.
If an owner decides to sell their share, the current owners will be given the first refusal so they can increase their share of the home, with Altacasa handling all resales on its platform.
When using the firm buyers purchase a share in a dedicated limited company that owns the whole property.
Costs for taxes such as stamp duty are spread across the owners and bundled in with the property cost.
Altacasa pledged to work closely with real estate agencies in its target locations, including Savills, Barnes International, Emile Garcin and others, in order to source properties.