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Here, a fractional short-term vacation rental marketplace, has shut down after just over two years of operation.<\/span><\/p>\n The Miami-based startup, which had raised a known $5 million in funding, posted on its <\/span>website<\/span><\/a> on January 3 that it was ceasing operations \u201cdue to the current interest rate environment and economic conditions.\u201d Fiat Ventures led its $3.5 million seed round in July of 2022, according to Crunchbase.<\/span><\/p>\n In a statement on its website, the company said its goal was to sell all of the properties that it holds within the next six months. A <\/span>filing<\/span><\/a> with the U.S. Securities and Exchange Commission reveals <\/span>the company had reported a net loss of $56,374 from its properties for the six months ended June 30, 2023. Notably, it generated $276,233 in revenue during the same period. But Here also reported paying $166,305 in interest during the same time frame, and $58,920 in \u201cother expenses.\u201d<\/span><\/p>\n The company was founded in July of 2021 but didn\u2019t launch operations until 2022. According to the publication <\/span>ShortTermRentalz<\/span><\/a>, the marketplace gave investors a way to acquire partial ownership of vacation rentals. Here handled the property management process, pledging that \u201cmembers could earn monthly income on their investment proposition and potential property appreciation.\u201d<\/span><\/p>\n Interest rates have surged over the past two years, contributing to a flurry of proptech startups to close up shop. Just last week, TechCrunch broke the news that Frontdesk, a short-term rental provider, had <\/span>laid off its entire staff and was on the verge of shutting down<\/span><\/a>. Last November, we reported on Zeus Living reportedly shutting down<\/a> after raising $150 million in debt and equity.<\/span><\/p>\n Want more fintech news in your inbox? Sign up for The Interchange <\/span><\/i>here<\/span><\/i><\/a>.<\/span><\/i><\/p>\n<\/p><\/div>\n