Vietnam property startup Hombase raises $30 mln
Vietnam property startup Hombase raises $30 mln
Vietnam startup Homebase has raised $30 million from foreign investors, seeking to make homeownership accessible across Southeast Asia.
Apartment buildings in District 7, Ho Chi Minh City. Photo by VnExpress/Quynh Tran |
The Ho Chi Minh City-based company announced Monday the funding round is backed by investors, including Y Combinator, Partech Partners, Goodwater Capital, Ace and Company, Emles Advisors and Foundamental.
Southeast Asia is the world’s fastest growing real estate market, yet becoming one of the least affordable, as some industry insiders estimate it takes longer than two decades for the average millennial to save up for their first home in Vietnam.
Homebase makes homeownership accessible to underserved market segments who may be turned away by strict traditional mortgage underwriting criteria by buying the home upfront for clients so they can move in today.
After putting down a deposit of 20 percent of a property value, clients deposit each month towards their home savings, and have the option to fully buy out the home anytime, or walk away.
This means the company acts as a co-investor in the property. Clients can renovate or rent out the home as they wish.
In the coming months, Homebase is set to further develop its proprietary technology, launch additional partnerships with real estate developers and agents, and increase its talent base.
The Homebase management team boasts talents from institutions like McKinsey, Goldman Sachs, Grab, Harvard, Stanford, and MIT.
With the recent funding, the company has expanded its market leadership in Southeast Asia’s Proptech industry and is one step closer in its mission to empower homeownership for 100,000 families across Southeast Asia.
