The Vietnamese home financing solutions company Homebase has secured a reported “seven-figure US Dollar” sum in a pre-series A round. Participating in the investment round were local VC fund VinaCapital Ventures, Silicon Valley-based venture funds Class 5 Global and Pegasus Technology Ventures as well as Singapore-based 1982 Ventures, and Antler.
Homebase’s business model addresses the burgeoning aspirational Vietnamese middle-class, members of which are increasingly having difficulty saving for property down-payments in a market where the prices have been rising steadily for some years. The startup uses technology to offer customised financing solutions for users to build equity and purchase their homes.
The investment is another example of venture capital flowing into PropTech companies in South East Asia and follows an impressive financing round for fellow Vietnamese PropTech company Propzy in August. According to e-Conomy SEA 2020, a report multi-year report collaborated on by Google, Temasek and Bain & Company, the region has experienced:
“a permanent and massive digital adoption spurt, with more than 1 in 3 digital services consumer (36% of total) being new to the service, of which 90% intend to continue their newfound habits post-pandemic.”
With VC firms such as PropertyGuru backers Square Peg raising a fresh war-chest fund of some $1.4bn and an increase in digital adoption in the region, we can expect more stories of investment in Southeast Asia to come along sooner rather than later.