Wayhome raises £8m in a Series A funding round led by Allianz X and Augmentum Fintech to expand its gradual homeownership model.
The Series A financing will support the property firm as it scales its gradual homeownership operations and aims to break even.
Wayhome provides a gradual homeownership model that allows customers to buy a share of a property and rent the rest. The firm operates in the alternative homebuying sector to help people access the property ladder.
Wayhome has secured £8m in a Series A equity funding round led by existing backers Allianz X and Augmentum Fintech, alongside new participants Volution, Love Ventures and Cur8 Capital. The capital will provide the business with a cash runway to reach its break even point. The firm intends to use the funds to forge partnerships with mortgage brokers and lenders and to support plans to double its annual rate of customer property purchases from £100m to £200m within a year. Demand for the company model has grown following rising interest rates and the conclusion of the Help to Buy scheme.
From the founder
"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."
Nigel Purves
CEO at Wayhome
Investor perspective
"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."
Johannes Walder
Allianz X
Investors
Johannes Walder
Allianz X
Tim Levene
Augmentum Fintech
James Codling
Volution
Love Ventures
Cur8 Capital