A startup has closed a Series A equity funding round of 拢8m as it looks to help people to access the property ladder.聽
Wayhome is disrupting the conventional home buying space with a gradual homeownership model.
It currently boasts an annual rate of 拢100m deployed in customer property purchases and will now look to double this to 拢200m per year within 12 months, forging further partnerships with mortgage brokers and lenders.
Led by existing investors Allianz X and Augmentum Fintech, and new funders Volution, Love Ventures and Cur8 Capital, it says the monies raised will provide cash runway to break even point.聽
鈥淲e are delighted to continue to be in partnership with such eminent investors as Allianz X and Augmentum and to be working with game-changing new investors too,鈥� said Nigel Purves, CEO.
鈥淒ue to the way that the Gradual Homeownership model works, the rising interest rates seen since September鈥檚 controversial mini-budget have delivered even greater demand for our product. With the recent ending of the Help to Buy scheme there are now hundreds of thousands of would-be homeowners seeking alternative ways to access the property ladder.
鈥淭his significant raise will fuel our ambitions to double the pace at which we can help new homeowners within 12 months.聽聽
鈥淗omebuying has been somewhat traditional for centuries. Our alternative is the best of all worlds as a part buy, part rent proposition that allows our customer to buy their ideal home, in their ideal location, today without waiting for years.鈥�
Johannes Walder of Allianz X added: 鈥淚t’s never been harder to buy a home, but Wayhome is shifting the paradigm with its business model. It is a prime example of creating positive social impact whilst also delivering returns.鈥�