Jay-Z and Will Smith Just Invested in a Tech Startup That Helps Low-Income Americans Become Homeowners – HouseBeautiful.com


will smith and jay z invest in a tech startup

Charley GallayGetty Images

With the average price of a house soaring to $287,148—reportedly a 13.2 percent hike from last year—the dream of owning a home seems increasingly out of reach for many low-income and working-class Americans.

Tech startup Landis is hoping to change that with its unique rent-to-sell model. The pioneering platform purchases homes on behalf of its clients, then allows them to rent the properties until they are able to qualify for a mortgage. Aspiring homebuyers work with a dedicated coach to help build their credit and improve their financial literacy. During that time, part of their rent goes towards a downpayment for their dream house. After two years, clients are then offered the opportunity to purchase the property at a predetermined price.

“Financial inclusion is really important to us,” Cyril Berdugo, one of the co-founders of Landis, told Bloomberg. “An aspect of Landis that we’re very proud to be a part of is wealth creation for low-income Americans.”

Luckily, the budding business has caught the attention of not one, but two A-list celebrities: Jay-Z and Will Smith, who are backing the company through their companies (Roc Nation and Dreamers VC, respectively) with a combined $165 million in seed funding. With the new cash infusion, Landis hopes to purchase around 1,000 homes priced between $110,000 and $400,000.

“We are proud to have invested in Landis,” Smith said in a press statement. “Landis is an innovative company that also has a social mission we are aligned with. We are excited to be part of a journey that helps Americans achieve homeownership through financial education.”

See also  The 10 Business Loan Mistakes to Avoid - TechFunnel

Follow House Beautiful on Instagram.

This content is created and maintained by a third party, and imported onto this page to help users provide their email addresses. You may be able to find more information about this and similar content at piano.io





READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here