A WORCESTERSHIRE company which aims to be the ‘Airbnb for shared living’ has raised more than £500,000 in funding to enable it to continue its rapid growth.
COHO – which is the only platform of its type specifically designed for houses of multiple occupation – allows landlords to manage their properties and tenants to find a house share with like-minded people.
The platform was launched in 2021 by entrepreneurs Vann Vogstad and Liam Cooper and inspired by Vann’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 is now used by almost 200 landlords and lettings agents and is growing by around 20 per cent month on month.
The company has nowsecured further investment from the MEIF Proof of Concept and Early Stage Fund, which is managed by Mercia and part of the Midlands Engine Investment Fund, and private investors.
The latest funding brings the total raised by the company to £750,000 and will help it continue its growth.
Vann 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 what was lacking was a platform which made house sharing easier to manage for both landlords and tenants.
“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.
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 Worcestershire Local Enterprise Partnership, said: “COHO was part of our BetaDen Technology Accelerator programme and the team have continued on their growth journey since completing the programme.
“With this investment, the organisation will be able to expand their team and platform, both playing a key role in boosting the local economy.”
The Midlands Engine Investment Fund is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
