A fledgling ProTech which aims to be the ‘Airbnb for shared living’ has raised over £500,000 in additional funding from existing investors.
Worcester-based COHO has secured investment from the MEIF Proof of Concept & Early Stage Fund, which is managed by Mercia and part of the Midlands Engine Investment Fund, and private investors.
The funding will enable it to scale the platform, strengthen its management team and continue its rapid growth.
COHO is the only platform of its type specifically designed for houses of multiple occupation (HMOs). It allows property investors to manage their portfolio and tenants to find a house share with like-minded people.
The platform was launched in 2021 by serial entrepreneurs Vann Vogstad and Liam Cooper and inspired by Vogstad’s own experience of living in shared housing. In the past 12 months it has seen a ten-fold increase in annual recurring revenue.
The platform, which is now used by almost 200 landlords and lettings agents, is growing by around 20 per cent month-on-month. The latest funding brings the total raised by the company to £750,000 and will help it continue its growth trajectory with the aim of raising a Series A funding round in the next 12 months.
Vogstad, who is the company’s CEO, said:“We set out to change the perception of co-living to make it a positive choice for people of all ages.
“However we recognised that what was lacking was a platform that made house sharing easier to manage for both landlords and tenants. COHO aims to fill that gap.
“The latest funding will allow us to continue our growth journey and establish it as the Airbnb for shared living.”
Kiran Mehta, investment manager at Mercia, said: “With people renting for longer, co-living is a growing trend. COHO is the only property management platform specifically designed for the sector and the rapid growth in uptake demonstrates the need for it. Vann and the team have made remarkable progress in the space of one year. We look forward to working with them to make it the clear leader in its field.”
Gary Woodman, chief executive of the Worcestershire Local Enterprise Partnership, said: “With this investment, the organisation will be able to expand their team and platform, both playing a key role in boosting the local economy.”