Vacation Rental Platform Overmoon Debuts With $80 Million
Key Points
- Overmoon, a tech-enabled vacation rental platform, launched with $80 million in funding.
- The platform offers vacation home owners benefits through a fintech-enabled program called Overmoon Exchange.
- Funding is allocated to technology development, real estate equity, and debt financing.
Summary
Overmoon, a vacation rental platform founded by Joe Fraiman in 2021, has launched with $80 million in debt and equity funding. The company introduces Overmoon Exchange, a fintech program in partnership with Flock Homes, offering vacation homeowners significant benefits by contributing to its 721 Fund. The funding will be divided into technology development, real estate equity, and debt financing, with backing from notable investors like NFX and Khosla Ventures.
Tech-enabled vacation rental platform Overmoon has emerged from stealth with $80 million in debt and equity funding.
The company was founded in 2021 by Joe Fraiman, who was associated with the Airbnb-backed, shuttered startup Lyric. The company is launching Overmoon Exchange, a fintech-enabled program in partnership with Flock Homes (a startup backed by Andreessen Horowitz), offering vacation home owners tax, time, and investment benefits by contributing their homes to Overmoon's 721 Fund, Short Term Rentalz reported.
The benefits of the fund include deferring capital gains tax, relieving property management costs, maintaining passive income, and enjoying real estate appreciation in the fund's portfolio.
The $80 million funding will be broken down as such: $10 million for technology development, $30 million in real estate equity for home down payments, and $40 million in debt financing.
The company’s backers include notable investment firms such as NFX, Khosla Ventures, Camber Creek, and Sunsar Capital. Overmoon, founded in 2021 by CEO Joe Fraiman, aims to combine hotel comforts with the shared spaces of vacation homes.
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