Homebase, a Vietnamese PropTech company that is helping homebuyers with that upfront payment, has scored $30m in funding.
The round was backed by Y Combinator, Partech Partners, Goodwater Capital, Ace and Company, Emles Advisors and Foundamental.
Several angel investors also committed capital, including Y Combinator CEO Michael Seibel, as well as operators and executives from SoFi, Opendoor, Republic, Microsoft, Instacart, Abu Dhabi Investment Authority, Binance and more.
With the capital, the PropTech company hopes to bolster its position in Southeast Asia. In the coming months, Homebase is planning to launch new partnerships with real estate developers and agents, enhance its technology, and hire more staff.
Homebase claims Southeast Asia is one of the fastest growing real estate markets but is becoming one of the least affordable. Prices are continuing to rise. In Q3 2021, the average landed property prices grew between 3% and 17% year-over-year, according to data from CBRE.
By using Homebase homebuyers can get support to buy a home. Once the customer finds their ideal home, Homebase will purchase the house in cash up front, with the client only needing to put forward a 20% deposit. The client can then use the home however they please, renovate, rent or live in.
Every month, the customer will pay a fixed amount and once they have met the pre-agreed sum, they can either chose to buy the property from Homebase or cash out and take the money they have saved.
Y Combinator CEO Michael Siebel said, “Rising prices, and strict mortgage criteria make buying a home extremely difficult in Southeast Asia – Homebase is creating a new financial path and for the first time, giving underserved consumers a new way to own a home.
We’ve seen many innovative PropTech companies at YC from around the world, and Homebase is among those leading towards a significantly better and more customer-centric solution vs. current options, and radically transforms accessibility for aspiring homeowners,”.
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