Source: Commonwealth Bank of Australia
Aussie start-up OwnHome secures $150,000 in backing from x15ventures and Commonwealth.
Friday, 27 November 2020 – Turning renters into homeowners is the mission of Aussie start-up, OwnHome, who is now one step closer to achieving that goal after securing $150,000 in funding from x15ventures – Commonwealth Bank’s venture building entity.
OwnHome was awarded the money after being declared the winner ofx15’s Xccelerate2020 – a fast-tracked program for experienced entrepreneurs and start-up teams looking to achieve rapid growth through funding and support.
More than 80 start-ups applied to participate in the Xccelerate2020 program – the second staging of this event for the year. Of the 80 plus start-ups that applied, 10 companies were shortlisted and invited to attend Community Days earlier this month, while only four were invited to pitch their business idea to CommBank’s Investment Committee. The theme for the event was ‘helping young Australians get ahead on their finances’.
After pitching to the Investment Committee, it was OwnHome who managed to impress the judges the most, with its creativity and innovative approach to getting people into their dream home sooner.
In a nutshell, OwnHome buys a property for the customer. This customer is able to move into the home straight away and simply make a monthly payment to OwnHome. Within the first two to five years, the customer is able to buy the property off OwnHome at a pre-arranged price.