Here
The business, the turning points, and the decisions behind them.
01 / WHAT IT BUILT
What the company did
Here was a Miami-based fintech that ran a fractional vacation-rental investment marketplace. Accredited and non-accredited investors could buy SEC-securitized shares of curated vacation properties with as little as $1 to $100 per share; Here handled acquisition, property management, bookings and upkeep, and members earned monthly booking income plus potential property appreciation. The company was founded in July 2021 by CEO Corey Ashton Walters and launched operations in 2022.
02 / Here FAILURE REASONS
Failure factors
and ShortTermRentalz cite Here's website notice that the Miami fractional vacation-rental investment platform shut down on 2024-01-03 due to the current interest rate environment and economic conditions; SEC Form 1-U confirms Managing Member decision to shut the platform and later appoint a wind-down officer.
shutting down due to the current interest rate environment and economic conditions.
net loss on properties and material interest expense versus revenue in H1 2023.
03 / EVENT HISTORY
Events in the structured record
- Product or service closed
and ShortTermRentalz report Here's website notice that the fractional investment platform shut down on 2024-01-03; properties to be sold and net proceeds returned to investors.
- Liquidation
SEC Form 1-U (Here Collection, LLC) discloses Managing Member shut the platform 2024-01-03 and on 2024-08-06 appointed Craig Jalbert sole director/officer to conduct dissolution and winding up after distribution delays.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN
How the factors connect
- 01
Raised $7 million in total, including a $2 million pre-seed and a $5 million seed round led by Fiat Ventures in July 2022.
- 02
Shut down its fractional investment platform on January 3, 2024, after just over two years of operation, citing the interest-rate environment and economic conditions; it planned to sell all properties within six months and return proceeds to investors.
- 03
Reported a net loss of $56,374 from its properties for the six months ended June 30, 2023, in an SEC filing.