Wayhome Secures £8M Series A Funding to Revolutionise Homeownership
April 27, 2023
Wayhome, a UK-based company revolutionising the home buying space, has secured £8 million in Series A funding, signaling a significant milestone in its mission to provide innovative solutions for aspiring homeowners. Led by existing investors Allianz X and Augmentum Fintech, along with new backers Volution, Love Ventures, and Cur8 Capital, this funding round will empower Wayhome to forge new partnerships and expand its reach in the market.
CEO Nigel Purves emphasises the timely nature of this investment, highlighting the increased demand for Wayhome's services amidst rising interest rates and the recent conclusion of the Help to Buy scheme. He explains that Wayhome's Gradual Homeownership model offers a unique alternative for individuals seeking to enter the property market, allowing them to part-buy and part-rent their homes with just a 5 percent deposit.
Purves underscores the company's commitment to helping customers achieve their homeownership goals without enduring the traditional hurdles associated with purchasing a home. By providing access to older properties, facilitating easy property buy-ins starting from £50, and offering flexibility for selling and moving, Wayhome aims to democratize the home buying process and empower more individuals to secure their ideal homes.
With an annual rate of £100 million deployed in customer property purchases, Wayhome has already made significant strides in reshaping the landscape of homeownership. Purves reveals ambitious plans to double this rate within the next 12 months, leveraging the Series A funding to fuel the company's growth trajectory and accelerate its impact on the market.
The support from investors like Allianz X and Augmentum Fintech underscores the confidence in Wayhome's disruptive business model and its potential to drive positive social impact while delivering returns. Johannes Walder of Allianz X commends Wayhome for challenging the status quo in the home buying sector, describing it as a prime example of innovation with a purpose.
Tim Levene, CEO of Augmentum Fintech, echoes this sentiment, emphasising the substantial progress Wayhome has made since its inception in 2021. He views the closing of this funding round as a testament to Wayhome's potential to redefine the fintech landscape and make homeownership more accessible to a broader audience.
James Codling of Volution expresses pride in supporting Wayhome's mission to expand access to homeownership, recognising the company as a game-changer in the industry. He reaffirms Volution's commitment to empowering individuals on their journey to homeownership and looks forward to contributing to Wayhome's ambitious growth plans.
As Wayhome embarks on its next phase of growth, fuelled by the successful Series A funding round, the company remains steadfast in its commitment to empowering individuals to realise their homeownership dreams. With a proven track record of innovation and a dedicated team of partners and investors, Wayhome is poised to continue disrupting the traditional home buying landscape and creating new opportunities for aspiring homeowners across the UK.