UK homeownership company Wayhome has secured investment from European residential investment firm Venn, which has also taken on fund management responsibilities, including structuring a new fund vehicle for future growth.
Wayhome said that as part of the partnership with the investment manager, Gary McKenzie-Smith, Venn’s co-founder and managing partner, will join Wayhome’s board.
In addition to Venn’s investment, Wayhome said its existing investors, including Allianz, Augmentum Fintech and Volution, also participated in this funding round.
Wayhome, which already has an initial £75m (€89m) of pension capital, said it is expanding its engagement with pensions, insurance, private debt and private equity to offer its part-own, part-rent model as an alternative path to homeownership without requiring a mortgage.
Nigel Purves, CEO Wayhome, said: “Venn’s credentials in residential property speak for themselves, managing almost £10bn of housing mandates on behalf of the UK government, as well as its experience of managing institutional capital in consumer mortgage markets.
“We are delighted to welcome Venn as a strategic partner and to have Gary join our board. Venn’s expertise, guidance and counsel will be invaluable as we continue to secure further investment in our Gradual Homeownership product that provides a compelling investment opportunity for institutional investors while helping people get on the housing ladder.”
McKenzie-Smith said: “We’re delighted to be working with Wayhome as a strategic partner and look forward to continuing to develop their innovative homeownership model with them.
“The Wayhome proposition is a great fit with our aim of focusing institutional capital into addressing some of the UK’s big housing challenges.”
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