Nov 15, 2021
Real Estate Technology Platform Homebase Raises $30 Million USD to make homeownership accessible across Southeast Asia by providing an alternative to traditional mortgage financing
HO CHI MINH CITY, VIETNAM | November 15th, 2021 - Homebase, a real estate technology company that buys homes upfront for clients, allows them to move in and buy back anytime, announced the successful raise of $30 Million USD in equity and debt to make homeownership accessible across Southeast Asia. The new funding solidifies Homebase’s position as a market leader in the Southeast Asia Proptech industry.
Leading global investors participating in the round include Y Combinator, Partech Partners, Goodwater Capital, Ace and Company, Emles Advisors and Foundamental, alongside Michael Seibel, CEO of Y Combinator, and operators and executives from SoFi, Opendoor, Republic, Microsoft, Instacart, Abu Dhabi Investment Authority, Binance and more.
The new investors join previous strategic investors including VinaCapital Ventures (VC arm of Vietnam’s largest fund management company), Brian Ma (Co-founder and ex-CEO of Divvy Homes); Troy Steckenrider III (ex-COO of Zerodown); and Darius Cheung (Founder & CEO of 99.co, the largest property portal in Singapore and Indonesia).
Southeast Asia is the world’s fastest growing real estate market, yet becoming one of the least affordable - it takes longer than two decades for the average millennial to save up for their first home in Vietnam. Even during COVID-19 lockdowns in Q3 2021, average landed property prices grew between 3% to 17% YoY, according to global real estate consultancy CBRE. The COVID-19 pandemic has only exacerbated the need for more innovative, empathetic pathways to homeownership, as traditional bank mortgage options now requiring LTVs up to 50% with 13% yearly interest rates coupled with growing property prices have increasingly placed homeownership out of reach for anyone other than high networth individuals with stable incomes.
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. Clients deposit each month towards their home savings, and have the option to fully buy out the home anytime, or walk away.
“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,” comments Michael Siebel, CEO of Y Combinator and investor into Homebase.
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 management team has 50+ years of shared relevant experience and come from institutions like McKinsey, Goldman Sachs, Grab, Harvard, Stanford, and MIT. The company has doubled its headcount compared to the same time last year and is actively hiring across the board.
With the recent funding, Homebase expands its market leadership in Southeast Asia’s Proptech industry and comes one step closer in its mission of empowering homeownership for 100,000 families across Southeast Asia, one family at a time.
Homebase offers a flexible alternative to traditional mortgage financing that buys your home for you upfront, allowing you to start living and investing in your dream home today. Fully buyout when you’re ready, or walk away and cash out your savings. Get started today at: https://homebase.com.vn/.
Homebase Press Room
Homebase is a real estate technology company that makes homeownership accessible across Southeast Asia by providing an alternative to traditional mortgage financing. Our flagship "Buy with Installment" product buys homes upfront for clients, allows them to move in and buy back anytime. Currently available in Vietnam, Homebase is backed by Y Combinator, Partech Partners, Goodwater Capital, VinaCapital Ventures, Ace and Company, Emles Advisors and Pegasus Technology Ventures, as well as the founders and executives at disruptive global PropTech leaders including Opendoor, Zerodown, SoFi, and Divvy Homes. Homebase was founded by JunYuan Tan and Phillip An alongside a management team that has 50+ years of shared relevant experience and come from institutions like McKinsey, Goldman Sachs, Grab, Harvard, Stanford, and MIT.
Our mission is to empower homeownership for 100,000 families across Southeast Asia, one family at a time.
For more information, please visit: http://homebase.com.vn/
Get the latest updates about Homebase and buying, owning, selling your home in Vietnam!