Gradual homeownership provider, Wayhome, secures £8m in Series A equity funding round to continue disrupting the traditional home buying process.
The round was led by existing investors Allianz X, Augmentum Fintech, and new funders Volution, Love Ventures, and Cur8 Capital. The funds will provide a cash runway to the break-even point and enable the company to expand its unique model further. Wayhome aims to create more partnerships with mortgage brokers and lenders in the coming months to accelerate its growth.
Wayhome aims to double its annual rate of £100m deployed in customer property purchases to £200m per year within 12 months, with the help of its recent £8m Series A equity funding round. According to Nigel Purves, CEO of Wayhome, the company is thrilled to continue its partnership with existing investors Allianz X and Augmentum, while also collaborating with new game-changing investors such as Volution, Love Ventures, and Cur8 Capital. This funding will also support Wayhome’s strategy of forming additional partnerships with mortgage brokers and lenders to expand its Gradual Homeownership model in the conventional home buying space.
Since the government ended the Help to Buy scheme, the number of individuals seeking alternative ways to access the property ladder has skyrocketed. Our Gradual Homeownership model has proven to be a game-changer, especially with the recent rise in interest rates since the controversial mini-budget in September. This Series A funding round of £8m will enable us to accelerate our efforts to help more aspiring homeowners own their dream property within 12 months. Our part buy, part rent proposition is the perfect solution to the age-old problem of buying a home, enabling customers to purchase their desired property in their preferred location without waiting for years.
According to Johannes Walder, the Managing Director of Allianz X, “It’s becoming increasingly challenging to buy a home, but Wayhome is changing the game with its innovative business model. It is a prime example of creating positive social impact while also delivering returns.”
Tim Levene, CEO of Augmentum Fintech, said, “As an early supporter of Wayhome, Augmentum has always believed in the immense potential of Gradual Homeownership in the United Kingdom market. The team’s accomplishments since launching in September 2021 have confirmed the validity of the technology platform and business model, as well as the size of the opportunity ahead. With the conclusion of this funding round, Wayhome is entering its next phase of growth, staying on course to become a category-defining company in European Fintech.”
According to James Codling, the Managing Partner of Volution, “We are excited to support Nigel and the Wayhome team in their mission to broaden the accessibility of homeownership. Wayhome is a disruptive force for those seeking to enter the property market, and we are proud to assist them in achieving their ambitious growth targets.”