ZeroDown is constructing a new path to home ownership
Even rich San Francisco residents can’t buy a home.
Sure, if your startup just went public, you might be amongst a small class of people able to put in all-cash offers over the asking price. But most people living in the Bay Area, even those with six-figure salaries, only aspire to become homeowners.
“Owning things is a pretty central idea to the American enterprise,” said Abhijeet Dwivedi, the co-founder and chief executive officer of ZeroDown, a new startup hoping to make home ownership in the Bay Area a reality for more people by combining the security of ownership with the flexibility of renting. “Anyone who has gotten rich in the last 240 years has done so by owning things.”
ZeroDown, as the name suggests, couples technology and a debt-fueled real estate fund to allow home-buyers to forgo the traditional down payment process required to purchase a home. The company, which charges a $10,000 fee per home, is a graduate of the Y Combinator startup accelerator’s winter cohort. Today, it’s announcing a $30 million round of capital from former YC president Sam Altman and consumer technology venture capital fund Goodwater Capital.
Earlier this year, ZeroDown had the VC community buzzing.