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How Do You Scale a Real Estate Brand Without Venture Capital? - Luca Bovone (Habyt)
Luca Bovone raised €90 million, expanded across continents, then realized he'd funded the wrong model. Co-living in residential buildings created operational nightmares—shared kitchens, regulatory constraints, and impossible unit economics at scale.
The pivot to flex-living changed everything: commercial real estate instead of residential, full apartments instead of rooms, fewer buildings with 300+ units each instead of scattered 10-room properties. Bovone walked away from Asia-Pacific, sold off France, Portugal, and Spain portfolios, and let the U.S. entity file for insolvency after a failed…
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