The entrepreneur behind a new property management platform raised £ 275,000 to establish it as an ‘Airbnb for shared life’.
Vann Vogstad has raised funding for COHO from the MEIF Proof of Concept & Early Stage Fund, managed by Mercia and part of the Midlands Engine Investment Fund, and from private investors.
COHO was inspired by his fond memories of sharing a home after leaving college more than 10 years ago. After building and selling two successful software companies, Vann, now a father of four, decided to fill a gap in the market by creating the only platform of its kind designed specifically for multi-occupancy homes.
COHO aims to accelerate the growing trend of coexistence between people of all ages. It allows real estate investors to manage their portfolios and tenants to find a suitable home share with like-minded people.
Vann joined forces with longtime collaborator Liam Cooper to launch the platform in 2021. Since then they have hired over 80 landlords and rental agents who manage thousands of rooms between them, strengthened the executive team and strengthened the board, with the appointment of former Reapit CEO Gary Barker as non-executive director and seasoned software executive Gordon Matthew as president.
The funding will allow the Worcester-based company to further expand the team by adding five new jobs and develop a number of new features to improve shared life management.
Vann, who is the company’s CEO, said: “Co-living offers a positive lifestyle choice for many people who live alone or struggle to afford their homes.
“By making home sharing easier for both owners and tenants to manage, COHO aims to bring it to the fore.
“The support of our investors will allow us to move forward at a much faster pace to achieve our ambition to make shared living more accessible to both real estate investors and tenants and become the Airbnb of home shares.”
Kiran Mehta, investment manager at Mercia, said, “The property management industry is ripe for innovation with many owners, especially those with HMOs, having to put together multiple management tools. COHO offers a one-stop shop for property management.
“Vann and the team have carved out a strong niche in the HMO market and are planning some interesting additions to the product roadmap. The investment will help bring these new features forward, build the team and improve the sales and marketing business.
“It has been a pleasure to work with Vann and the team over the past few months and I look forward to supporting the company over the next few years.”
Serial Entrepreneur to Create “Airbnb for Home Sharing”
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