Vietnam’s proptech startup Homebase raises $30m in funding

Phillip An (left) and JunYuan Tan (right)

Ho Chi Minh-based proptech startup Homebase has raised $30 million in equity and debt from a group of foreign investors including Y Combinator, Partech Partners, Goodwater Capital, according to an announcement.

Other investors including Ace and Company, Emles Advisors and Foundamental, alongside Michael Seibel, CEO of Y Combinator, and operators and executives from SoFi, Opendoor, Republic, Microsoft, Instacart, Abu Dhabi Investment Authority, Binance also participated in this funding round.

Homebase was founded by Junyuan Tan and Phillip An who originally started it in Singapore but decided to focus on Vietnam.

Its platform makes homeownership accessible to consumers in underserved market segments.

Homebase’s other backers include VinaCapital Ventures, Class 5 Global, Pegasus Technology Ventures, 1982 Ventures, Antler and Darius Cheung, the founder and CEO of 99.co, Brian Ma (Co-founder and ex-CEO of Divvy Homes); Troy Steckenrider III (ex-COO of Zerodown).

The company will use the fresh fund to expand its market leadership in Southeast Asia’s proptech industry and come one step closer in its mission of empowering homeownership for 100,000 families across Southeast Asia, one family at a time.

In the coming months, Homebase is set to further develop its proprietary technology, launch additional partnerships with real estate developers and agents, and increase its talent base.

“Rising prices, and strict mortgage criteria make buying a home extremely difficult in Southeast Asia – Homebase is creating a new financial path and for the first time, giving underserved consumers a new way to own a home,” said Michael Siebel, CEO of Y Combinator and Homebase investor.

In March, Homebase announced it raised $125,000 from renowned US-based accelerator Y Combinator (YC).

Last year, the proptech startup had raised an undisclosed amount in its pre-Series A round to develop new alternative financial solutions to serve homeowners in Vietnam. According to a statement, the size of the round was a “7-figure sum”.

The burgeoning proptech market in Vietnam is increasingly catching the fancy of investors. In August, Vietnam-based private equity firm Mekong Capital invested $10.2 million in local proptech startup Rever from Mekong Enterprise Fund IV.

Rever last raised $2.3 million led by GEC-KIP Technology and Innovation Fund in September 2019. The startup had earlier bagged another $4 million financing from Vietnam’s homegrown venture capital firm VinaCapital Ventures.

Meanwhile, in 2020, Propzy closed a $25 million Series A round led by real estate private equity firm Gaw Capital and SoftBank Ventures Asia.

“We expect investments to continue to flow into the Vietnam proptech space, particularly as Vietnam and the rest of the region recovers from COVID and as consumer sentiments continue to improve,” said Kenneth Low, principal at SoftBank Ventures Asia told DealStreetAsia in an earlier interview.

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.