Home base Ho Chi Minh City-based Proptech startup, which helps people buy homes, announced today that it has raised $ 30 million in shares and debt (ratio private).The company’s business model is Divvy Homes When ZeroDown In the United States, in fact, Divvy Homes co-founder and former CEO Brian Ma and Zerodown’s Chief Operating Officer Troy Stekkenrider III are Homebase investors.
Participants in this round are Y Combinator (Homebase) I participated in the accelerator program earlier this year), Partech Partners, Goodwater Capital, Ace and Company, Emies Advisors, Foundamental. It also included operators and executives from Y Combinator CEO Michael Seibel and companies such as SoFi, Opendoor, Republic, Microsoft, Instacart, Abu Dhabi Investment Authority and Binance.
Round repeaters were Ma, Steckenrider, VinaCapital Ventures, and Darius Cheung, founder and CEO of 99.co, one of the largest real estate portals in Singapore and Indonesia.
Homebase acts as a co-investor and buys real estate with a client who has a 20% deposit. The client can then decide whether to repay a fixed amount to Homebase each month or buy all the shares of the company. They can also choose to monetize their savings away from the transaction.
The client has full use of the house, so he can live or rent it. The contract period is 1 to 10 years, and people who buy a house to live often choose a 10-year contract, but investors usually have about 3 years, so how the market will be before selling the property You can check if it is evaluated.
Homebase will use the new funds to continue developing its own technology and strengthen partnerships with real estate developers and employment. According to the company, the number of employees has doubled in the past year.
Co-founder and COO Phillip An told The source about the technology: Buying real estate is a real pain now in Vietnam. It’s like 100 steps and you have to sign in with blue ink on the paper at the bottom of every page. We’re thinking about how to create the experience of buying a home or investing in a one-stop shop where everything can be done digitally. “
He added that Homebase is also thinking about developing asset valuation tools to help homeowners and passive investors value their assets.
The home-based customer base is divided into 50/50 between home-seekers and investors, including foreign buyers who are unable to travel to Vietnam due to a pandemic and are asking home-based transactions increase.
“The concept of owning a home is culturally very important, and looking at the economy, real estate is one of the most popular types of investment,” said An. “People are investing more and more in cryptocurrencies and stocks, especially during the period of COVID, but I think real estate is still a huge part of what people put in money. And the history of real estate in Vietnam It’s really good when you look at the achievements. “
Homebase quotes a survey from a real estate consultant CBRE This shows that the average land ownership price rose from 3% to 17% year-on-year, even during the COVID-19 blockade in Vietnam’s third quarter. This is good news for those who already own real estate, but it means that it is becoming increasingly difficult for first-time buyers to secure a mortgage.
Homebase acts as a value-added service that helps you close more deals in collaboration with agents and developers. “For many agents, the biggest hurdle for them is that their clients aren’t immediately eligible for mortgages because of barriers. I think banks have become even more stringent in terms of standards after COVID. A 40% to 50% down payment may be required. “
Having Homebase to buy real estate on behalf of clients makes the process more efficient, and as a result, agents may offer discounts to buyers when using startup services.
The company will continue to focus on Vietnam over the next few months by expanding to more cities (currently operating in Ho Chi Minh City, Saigon, Hanoi and Da Nang). We are also investigating other Southeast Asian countries such as Thailand and the Philippines.
“Investors, even customers have contacted us on social media and asked if we can use it in their own country, so customers’ demand for these types of services that help make their homes more accessible. I think there are many, “An said.