Young entrepreneurs launch proptech startup with £2.9m funding
Young entrepreneurial duo Karthik Srivats and João Rocha have established a proptech startup in London after raising a seven-figure investment.
The pair launched Ahauz with the help of £300k from early stage venture fund Forward Partners and a further £2.6m from a raft of high net worth property investors.
The latter will be used to fund contributions towards the deposits of first time buyers in the UK.
Karthik and João were inspired to start Ahauz when they attempted to buy a house and found they could not afford it due to the size of the deposit needed, despite both of them having relatively good monthly incomes.
They discovered that many of their friends had faced similar issues; those who had managed to buy a home had help from their parents, so Karthik and João quit their jobs in April 2017 and set about creating what they are calling the ‘Bank of Mum and Dad for Everyone’.
Ahauz said its product is similar to the Government’s Help to Buy equity loan scheme, but does not restrict buyers to new build properties. It also has no price cap.
Ahauz can provide a contribution towards a buyer’s deposit for up to 15% of the value of the house.
João Rocha said: “We are excited to officially launch Ahauz and to be able to increase the options for so many aspiring first time buyers, while removing the need to save for a back breaking deposit.”
Karthik Srivats commented: “Getting that first foot on the property ladder has seemed impossible for so many young people in recent times and we hope that we’ll be able to help them bridge that gap, making homeownership realistic for all.”
Forward Partners managing partner Nic Brisbourne said of the investment: “We’re incredibly pleased to invest in João and Karthik and in their vision for Ahauz and the housing market.
“We see huge potential in the business and its model to help a generation to stop renting and start owning.”