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Another proptech startup crashes and burns, cites ‘current interest rate environment’
Here, a fractional short-term vacation rental marketplace, has shut down after just over two years of operation.
The Miami-based startup, which had raised a known $5 million in funding, posted on its website on January 3 that it was ceasing operations “due to the current interest rate environment and economic conditions.” Fiat Ventures led its $3.5 million seed round in July of 2022, according to Crunchbase A filing with the U.S. Securities and Exchange Commission reveals the company had reported a net loss of $56,374 from its properties for the six months ended June 30, 2023. According to the publication ShortTermRentalz, the marketplace gave investors a way to acquire partial ownership of vacation rentals.
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