Gradual homeownership provider Wayhome has secured £8m in a Series A equity funding round, which included participation from existing investors Allianz X and Augmentum Fintech, as well as new investors Volution, Love Ventures, and Cur8 Capital.
The funds will be used to disrupt the conventional home buying space further and reach the break-even point with their unique gradual homeownership model.
As part of their growth strategy, Wayhome plans to establish additional partnerships with mortgage brokers and lenders.
The company currently deploys £100m annually in customer property purchases and aims to double that amount to £200m per year within 12 months.
Wayhome CEO Nigel Purves (pictured) said: “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.
“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.”
He added that the recent conclusion of the Help to Buy scheme has left hundreds of thousands of potential homeowners seeking alternative ways to access the property ladder.
Johannes Walder of Allianz X said: “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.”
Tim Levene, CEO of Augmentum Fintech, added: “As an early supporter of Wayhome, Augmentum has long believed in the huge potential of Gradual Homeownership in the UK market.
“The traction achieved by the team since launching in September 2021 has validated the technology platform and business model, as well as the scale of the opportunity ahead. With the closing of this round Wayhome enter their next phase of growth, remaining on track to become a category-defining company in European Fintech.”
James Codling, managing partner of Volution, concluded: “We’re proud to support Nigel and the Wayhome team on their mission to expand access to homeownership. Wayhome is a game-changer for those looking to get on the housing ladder, and we’re excited to help them achieve their ambitious growth plans.”
