DMG Syndicate Invests in Stay One Degree

A Stay One Degree home at Lake Como, Argegno - available  here

A Stay One Degree home at Lake Como, Argegno - available here

Dot Matrix Group is pleased to announce its latest syndicate investment in Stay One Degree, a network and members club that connects travellers with some of the world’s most incredible homes.

A Provence, Luberon Area home on Stay One Degree, available  here

A Provence, Luberon Area home on Stay One Degree, available here

This investment in Stay One Degree marks DMG’s eighth investment overall and its third as a growing syndicate - our largest ever investment. Stay One Degree was started in Hong Kong by ex-banking colleagues Tom Bennett and Jorge Munoz in 2017 after Tom rented out his second home in Spain and it didn’t go well - as the property was completely trashed by the renters. If he was going to rent out the property again then trusting who was in there was the most important part. Surely other homeowners have this challenge too?

What is the Stay One Degree difference?

With Stay One Degree Tom and Jorge have created a social network with trust at the centre. Properties can be browsed by members but only rented if the buyer and the homeowner are ‘One Degree’ connections with each other. The homes are handpicked and members are vetted before they can book to ensure the homeowner is comfortable renting out their home to them. Members benefit from preferential rates, exclusive rewards and local guides / concierge services.

Why did DMG invest in Stay One Degree?

The peer-to-peer property rental market has exploded in recent years with AirBnb. But with this growth, users are finding a lack of curated choice and trust is becoming more important, particularly in the luxury sector. Many owners of high end homes simply don’t want to risk renting out their place to people they cannot trust. A well-vetted and exclusive membership community can unlock the properties, experiences and connections that are difficult to access. This ease of booking and trust gives homeowners additional income and buyers a more interesting holiday and access to others in the network.

2,500 Homes, 15,000 Members

We have observed the team’s execution since the beginning - they have on-boarded over 2,500 homes and over 15,000 members, have signed partnerships to give members some fantastic perks and the team are unlocking many more homes that aren’t currently rented out. Feedback from members is very good - renting through Stay One Degree is typically a high value and fairly infrequent purchase however many members have come back again and again.

A Koh Samui, Taling Ngam home on Stay One Degree, available  here

A Koh Samui, Taling Ngam home on Stay One Degree, available here

Added to that is the fact that Kash has known Tom for 20 years since their Citi days so knows that Tom has what it takes to build a successful company and cater very well for this market.
Tom Bennett, Co-founder at Stay One Degree said, “Jorge and I are delighted to have DMG onboard - there’s a lot of crossover in our networks and we’re looking forward to helping them find their next holiday destination! What’s more, all our investors from the DMG Syndicate get access to our Platinum Club so can benefit from special partner experiences such as supercar driving days, access to members’ clubs around the world and special offers on our platform”.

Your next holiday?

You can apply to join the Stay One Degree network and/or list your home here

Join the DMG Syndicate

You can also join the DMG Syndicate and see our next investment opportunity here.

DMG Invests in Coconut (again)

Dot Matrix Group invests (again) in  Coconut

Dot Matrix Group invests (again) in Coconut

‘See how much tax you owe’

Often when meeting with startup founders it’s not immediately obvious to me what the really big, worth-doing-something-about pain point actually is. Making something a little bit better, a bit more convenient doesn’t really cut it. If people are a bit ‘meh’ you need to work harder at it.

So how is Coconut changing the game? Well, it integrates banking and accounting services. An easy to use banking app that allows their users (mainly freelancers) to see how much tax they are expected to owe in advance. I don’t know anyone who relishes preparing and filing their tax return and I’m sure I’m not the only one who leaves it until the last minute. Freelancers can do the work they love then invoice their clients in-app, incur expenses with the Coconut card and the Coconut app sorts it all out and shows how much tax is owed (at anytime, not just at the end of the tax year). The very real, big pain point is the anxiety of not saving enough, or saving too much, for tax as well as the admin headache that build up throughout the year. This is definitely a 100x solution.

Coconut founders Sam O'Connor and Adam Goodall

Coconut founders Sam O'Connor and Adam Goodall

Why again?

We invested in early 2017 when they were pre-product launch and have seen the team grow with some great additions - all contributing to a successful launch and growth in 2018 with a group of very engaged users. Adam, Ali and the tech team’s ability to focus on delivering a world class product with the right features, the right notifications and the right support is great to see. Limited Company functionality is now live and because adding manual transactions and depositing cash is important to freelancers it’s coming soon.

Ultimately the name of the game for us is to identify and back the founders that execute well - and we believe that Sam and Adam are doing just that. As well as us as DMG founders, a number of DMG Syndicate Members became investors after seeing that execution and have supported Coconut in this round.

The Vision

Of course Sam has been working hard too - his ability to bring onboard new talent, other investors and win recognition (and prize money) is great to see. The world of work is changing fast. Freelancers are ignored, underserved and have, to date, had to use technology which is just not built for them. More people than ever before are freelancing full time and the gig and side-hustle economy needs Coconut too.

Sam presenting to the Coconut Community

Sam presenting to the Coconut Community

The Community

A huge part of Coconut’s success and their future is the community of freelancers that love the product and get involved in shaping its future. The in-app chat, the Coconut Bite Facebook Group and community events with beers and pizza (above) are helping the Coconut team understand more about their users and help communicate how Coconut is developing.

Find out more

We’re delighted that we’ve been able to invest again in Coconut and are excited about using the app and helping out.

To download the Coconut app click here for iOS and click here for Android.

To find out more about the DMG Syndicate click here and Matthew will be in touch.