by Sainul Abudheen K, Published in e27
The startup is planning to expand in Southeast Asia, including Malaysia and Thailand
Singapore-based prop tech marketplace Ohmyhome announced today it has raised S$4 million (US$2.9 million) in Series A round of funding led by Golden Equator Capital (GEC).
Other investors for this round of funding include unnamed individuals and family offices. Previously, the company has received an investment from K3 Ventures.
With offices in Singapore and the Philippines, Ohmyhome currently has a team of close to 40 staff and intends to continually expand its technology expertise and service offerings, as it deepens its presence in Singapore. The company also has plans to expand into Malaysia and Thailand.
“After seeing a strong adoption for our services, our focus now is to further drive growth in Singapore and expand into the neighbouring markets. Having the support and expertise of GEC and our other investors will help us execute our vision of becoming the ultimate housing transaction solution,” said CEO Rhonda Wong.
Ohmyhome was launched in September 2016 by sisters Rhonda and Race Wong to simplify how properties in Singapore are being transacted. The DIY (do-it-yourself) platform connects buyers and sellers directly at no cost. The platform boasts of features such as ‘ShoutOut’ and ‘Open House’ to enhance the overall user experience.
Agent services are also available at fixed-fees ranging from S$588 to S$3,888, depending on the type of service required. The platform also facilitates on-demand mortgage and legal services.
Since launch, more than 2,000 homes have transacted through Ohmyhome which represents a combined value of more than S$850 million (US$621M). It also claims to have saved customers a total of S$20 million (US$14.6 million) in commission as of September 2018.
To date, Ohmyhome’s mobile app has recorded more than 200,000 downloads and has an average of 52,000 monthly active users, it claims in a statement.
COO Race Wong said: “As other industries embraced innovation, we saw a gap in the real estate market where transactions are carried out in a traditional manner. The lack of expertise, information, and quality services opened opportunities for us to increase efficiency, save costs and execute transactions more easily. That was why we founded Ohmyhome to create a one-stop solution to make housing transactions simpler, faster, and affordable for all home owners and home seekers.”
Daren Tan, Managing Partner at GEC, said: “Ohmyhome’s business model is reshaping property transactions, making them simpler and efficient for home seekers and sellers – the market average selling time for property in Singapore is 120 days. At Ohmyhome, the fastest selling time is in one day and average of 33 days.”
Shirley Crystal Chua, Founder and Group CEO of GEC said: “We live in Asia where property has always been something close to our hearts and our parents’, so what Ohmyhome sets out to do is really meaningful and also prepares the real estate industry to adapt in the new digital economy. As a female entrepreneur, a mother and an investor, it heartens me to see two young female entrepreneur-sisters finding solutions to change, impact and bring greater efficiency to the real estate industry. It is an incredible milestone, and we hope this would bring encouragement to more female tech founders.”