Vietnamese proptech startup Homebase secures ‘seven-figure’ funding

Homebase, a Vietnam-based proptech platform, announced that it has closed a “seven-figure” pre-series A financing round.

Co-founders Phillip An (left) and JunYuan Tan

Investors in the funding round include Vietnam’s VinaCapital Ventures, Silicon Valley-based venture fund Class 5 Global, Pegasus Tech Ventures, 1982 Ventures, and Antler. Darius Cheung, founder and CEO of 99.co, and a US-based real estate technology company also participated in the round.

Homebase provides home ownership and financing solutions to help users buy and invest in property in Vietnam. Customers can select a property of their choice through the service by filling out a form. The company then engages in a discussion with the customer on financing details including rental payment and splitting capital appreciation, among others. The platform also helps in unlocking equity in a property to pay off debts.

Funds raised from the round will be used in developing the Vietnam-based company’s proprietary technology and financing solutions.

“In the wake of the Covid-19 global pandemic, we have seen a significant increase in demand for our innovative home ownership solutions,” said Phillip An, co-founder of Homebase.

The company’s new round of funding comes as investments in the Asia-Pacific real estate industry showed signs of recovery in the third quarter of 2020, with direct transactions of US$35 billion between July and September, according to investment management firm Jones Lang LaSalle.

The proptech firm is also set to launch further real estate financing products and expand to new markets.

“The mass market of the Vietnamese middle class are young, eager to own property, but don’t have sufficient funds saved up to get started on their home ownership journey. Yet housing prices are increasing significantly every single year, creating a huge market potential for real estate financing in Vietnam,” said VinaCapital Ventures partner Trung Hoang.

Prior this investment, Homebase had raised an undisclosed amount in a pre-seed financing round in February this year.