Latest Darius Cheung News
Nov 15, 2021
Y Combinator and its CEO Michael Seibel, Partech Partners, Goodwater Capital, Ace and Firm, Emles Advisors, and Foundamental have all invested in Homebase, a proptech company in Vietnam, for a total of $30 million in equity and loan capital. Existing investors VinaCapital Ventures, Brian Ma (co-founder of Divvy Homes), Troy Steckenrider III (ex-COO of Zerodown), and Darius Cheung (founder of 99.co) joined the round, as did operators and executives from SoFi, Opendoor, Republic, Microsoft, Instacart, Abu Dhabi Investment Authority, and Binance. Southeast Asia’s real estate market is the world’s fastest expanding. However, it has become one of the most expensive, since the average millennial saves for their first house in Vietnam for more than two decades. According to global real estate consultant CBRE, typical landed property values climbed roughly 3-17 percent YoY even during COVID-19 lockdowns in Q3 2021. Traditional bank mortgages now need a loan-to-value ratio of up to 50%, with annual interest rates as high as 13%. This, along with rising housing costs, has made homeownership more out of reach for all but high-net-worth individuals with steady salaries. Homebase, founded by JunYuan Tan and Phillip An, strives to make homeownership more accessible throughout Southeast Asia by offering a non-traditional mortgage financing option. Its signature co-investment offering purchases residences in advance for clients, allowing them to move in and out at their leisure. Clients can opt to totally buy out when they are ready or walk away with their money. Homebase, the first Vietnamese firm to be accepted into the Y Combinator programme, plans to expand its unique technology, form new relationships with real estate developers and brokers, and hire more people in the coming months. Its goal is to help 100,000 households in Southeast Asia become homeowners. Homebase announced the closure of a “seven-figure USD” pre-Series A investment from VinaCapital, Class 5 Global, Pegasus Technology Ventures, 1982 Ventures, and Antler less than a year ago.