Haus, a San Francisco, CA-based new co-investment platform for home ownership, raised $7.125M in seed funding.
In details, the new funding totals:
– $4.125M in seed funding, and
– $3M in debt capital.
New investors participating in this round include Montage Ventures, RIT Capital Partners, Tim Ferriss, and several others. Additionally, Jesse Lucas, Uber’s first Head of Finance, is an advisor to the company.
Founded in 2016 by Garrett Camp, co-founder of Uber and serial entrepreneur, and led by CEO Jonathan McNulty, Haus provides tools to navigate the real estate process easily. Rather than borrowing money from a lender, consumers can purchase a home in partnership with the company. With this new co-investing model, monthly payments are lower than traditional mortgages.
Since it is a co-investor and not a lender, users are not borrowing money from a bank and taking on debt. Instead, Haus partners with home owners to share in the equity of the home. If the home value appreciates, as its partner, the company benefits from the financial upside. While at the same time, if the home value depreciates, Haus helps shoulder the financial burden.
The service is available in select cities in California, Oregon, and Washington.