Homebase, a Ho Chi Minh City-based proptech startup that helps people buy homes, announced it has raised $30 million in equity and debt (the ratio was undisclosed). The company’s business model is like Divvy Homes and ZeroDown in the United States and, in fact, Divvy Homes co-founder and former CEO Brian Ma and Zerodown chief operating officer Troy Steckenrider III are investors in Homebase. Participants in this round were Y Combinator (Homebase took part in the accelerator program earlier this year), Partech Partners, Goodwater Capital, Ace and Company, Emies Advisors and Foundamental. It also included Y Combinator CEO Michael Seibel, and operators and executives from companies like SoFi, Opendoor, Republic, Microsoft, Instacart, Abu Dhabi Investment Authority, Binance and others.
Homebase works by acting as a co-investor, buying property with clients who put in a 20% deposit. Then clients pay back a fixed amount to Homebase each month or can decide to buy out the company’s entire share. They can also choose to walk away from the deal and cash out their savings. Clients have full usage rights to the home, so they can live in it or rent it. Contracts range from one to 10 years and says people who buy homes to live in often chose 10-year contracts, while investors usually go for about three years, so they can see how the market appreciates before selling the property. Homebase will use its new funding to continue developing its proprietary technology, form more partnerships with real estate developers and hiring. The company says it has doubled its headcount over the past year. The company will continue focusing on Vietnam over the next few months by expanding into more cities. It is also exploring other Southeast Asian countries like Thailand and the Philippines.