Vietnam-based proptech startup Homebase has bagged an undisclosed amount in a pre-Series A funding round held in December 2020, from multiple investors including Vietnam’s VinaCapital Ventures, Silicon Valley-based venture fund Class 5 Global, Pegasus Technology Ventures, 1982 Ventures, and Antler. Troy Steckenrider III, former COO of US-based proptech firm Zerodown; and Darius Cheung, Founder & CEO of 99.co, also contributed to the funding round.
Capital raised will be utilized by the startup to further enhance its proprietary technology and introduce supplementary financing solutions as it intends to expand county-wide.
Homebase is among the 14 startups from Antler’s third cohort. Antler is a global early-stage venture capital firm.
Founded in 2019, Homebase provides personalized co-investment plans, where home purchasers across Vietnam and Southeast Asia could pay the amount they can afford, shift to the home from the first day, and then buy out all or portion of their stake when they are ready. Homebase first pays for the remaining amount and asks for a rental fee for the portion it paid. Several years later, it takes a fraction of the capital escalation if the home escalates in value. It doesn’t charge periodic interest or other fees. The startup leverages big data, asset valuation models, and financial engineering to make investment decisions.
COO Phillip An was quoted to have said, “In the wake of the COVID-19 global pandemic, we have seen a significant increase in demand for our homeownership solutions.”
The pandemic has disclosed a requirement for alternatives to the traditional modes of renting and buying, as customers demand more flexibility while looking to build equity in assets not correlated to their principal means of employment. Backed by a strong middle class and a young and ambitious workforce, the Vietnam property market continues to be among the most attractive real estate investment and ownership destinations worldwide.
Trung Hoang, Partner at VinaCapital Ventures said the mass-market of the Vietnamese middle-class are young, willing to own property, but don’t have adequate funds saved up to get started on their homeownership journey. He also added that so far, housing prices are rising significantly every single year, creating a huge market potential for real estate funding in Vietnam.
The startup had previously raised an undisclosed amount in an oversubscribed pre-seed financing round in February 2020.
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