A startup has closed a Series A equity funding round of £8m as it looks to help people to access the property ladder.
Wayhome is disrupting the conventional home buying space with a gradual homeownership model.
It currently boasts an annual rate of £100m deployed in customer property purchases and will now look to double this to £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.
“We 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,” said Nigel Purves, CEO.
“Due to the way that the Gradual Homeownership model works, the rising interest rates seen since September’s 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.
“This significant raise will fuel our ambitions to double the pace at which we can help new homeowners within 12 months.
“Homebuying 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.”
Johannes Walder of Allianz X added: “It’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.”