Singapore-based real estate online marketplace Ohmyhome has raised around US$2.9 million in a Series A financing round led by local fund management firm Golden Equator Capital to expand into Malaysia and Thailand, the company said in a press release today.
Founded in September 2016, Ohmyhome facilitates DIY transactions by letting homeowners match with buyers via its online platform. For users who need the assistance of a real estate agent, they can opt for fixed-rate services, which may be cheaper than paying an agent a percentage of the sale.
It claims to have helped facilitate more than 2,000 home sales representing a combined value of at least US$621 million. As for its mobile application, it claims to have garnered more than 200,000 downloads with an average of 52,000 monthly active users.
Currently, Ohmyhome has offices in Singapore and the Philippines with nearly 40 team members. In Singapore, it focuses mainly on government-issued HDB flats, which serve around 82% of Singaporeans.
In an interview with KrASIA last month, its CEO Rhonda Wong said that the firm’s expansion into neighbouring countries would only be a matter of time since “the problems that exist in the housing transaction market is similar across the world” and that their solution is one which is “highly scalable”.
Other competitors eyeing the same DIY market include Singapore-based DirectHome and Stacked Homes, as well as Malaysian rental platform Speedrent. There are also a number of real estate platforms that work closely with agents, which might see a fraction of their users who prefer handling the transaction on their own to save on fees move elsewhere.
Editor: Ben Jiang