Real estate tech startup Haus, the company based out of San Francisco which makes life simpler by making home-ownership more affordable and flexible has confirmed securing $7.1 million in funding. The investment comes in the form of seed and debt financing. Montage Ventures has infused $4.1 million in seed capital while $3 million has been raised in the form of debt financing.
Launched by Garrett Camp, Uber co-founder, Haus helps bring more transparency in the entire home-buying process. Notably, Haus is an Expa Studio firm. Expa is a global network of entrepreneurs who help each other in building the firm across offices in San Francisco, New York, and Vancouver.
The company also offers a co-investment model. Those interested in buying houses need not go for a loan, instead, they partner with Haus and Haus helps them by giving them monthly installment offers. Interestingly, if the user opts for going the mortgage way, they end up paying 30% more than what they would if they go the Haus way. And that's what makes Haus special.
Jonathan McNulty, the CEO of the firm talking about the firm said, “Millennials are being boxed out of the housing market with many being forced to delay buying a home because of a combination of personal student loan debt and skyrocketing costs associated with homeownership. As a homeowner, I’ve experienced surprise fees and steep costs causing me to rethink the paradigm entirely. The gap in homeownership is only growing wider and new options are needed before we reach a point of no return.”
Montage Ventures' partner Matt Murphy talking about the investment round said, “The current real estate model has been broken for a long time. Home-ownership rates for people ages 25 to 34 are much lower than it should be. We are excited to partner with Haus to bring much-needed relief to current homeowners and prospective buyers alike.”
The company is offering services in select cities like California, Oregon, and Washington. As funds arrive, it will be interesting to see if they can go beyond these cities and become a global firm.
Image Courtesy : haus