SINGAPORE (Aug 4, 2021) – Ohmyhome, the leading Property One-Stop Shop Platform, on Wednesday said it has raised US$5 million in a new round of funding led by Swettenham Blue. This is on the back of a US$1.6 billion cumulative GMV which is expected to quadruple over the next 12 months. Revenue is also expected to triple during the same period, before the launch of its Series B funding next year.
The amount is twice the valuation of the previous Series A round led by Golden Equator Ventures.
The company will use the fresh capital to enhance its data-matching technology across its Singapore, Malaysia and Philippine markets.
This data matching advantage has enabled the company to close property deals in Singapore 2x faster than competitors in the past 4 years. The company’s database handles around 175,000 transactors per month, allowing it to secure stronger prices and speed for its customers’ property transactions.
CEO Rhonda Wong says “Our core mission is to help our customers transact as hassle-free as possible, at the best price. We have stayed true to our mission and we look forward to greater enhancement in our technology to further speed up the pace of transactions. Though we are leading in this area, I feel that we are only getting started. We are excited about the projects in our pipeline.”
Started in 2016, the company has grown from a self-serve business model into a full-fledged property platform. Its one-stop shop model covers every stage of the property journey – from search, self listing, agent service, mortgage and conveyancing, to renovation and even moving services.
In addition, it facilitates the buying and selling of properties across the borders of the three countries it operates in without need for the client to travel to the country, an especially helpful feature amid the pandemic.
To meet the growing demand from Filipinos working abroad interested in purchasing properties in the Philippines, Ohmyhome expanded into the Philippines in 2020. Remittances from Filipinos working abroad reached US$2.38 billion in May this year, the Philippine Central Bank has reported, up from US$2.11 billion in the same month a year ago. A significant portion of these remittances goes into building up their nest eggs, oftentimes in the form of real estate.
“It is Southeast Asia’s second most populous country with a population of over 100 million. It is a fast-growing market, both in population and economy, and we hope to assist Filipinos in their housing needs,” Ms Wong said.