Ohmyhome raises US$2.9mil in Series A funding round

By Digital News Asia September 28, 2018

Funding round was led by Golden Equator Capital
In January 2017, Ohmyhome emerged as Singapore's No.1 HDB app

Ohmyhome raises US$2.9mil in Series A funding round

OHMYHOME, a Singapore-based proptech marketplace, announced that it has raised S$4 million (US$2.93 million) Series A funding led by Golden Equator Capital (GEC), Singapore's award-winning fund management company.

The investment will help Ohmyhome further strengthen its position as a proptech market leader in Singapore and expand into Southeast Asia. Other investors for this round of funding include reputable individuals and family offices, while investors for previous round included K3 Ventures.

Ohmyhome was launched in September 2016 by sisters Rhonda Wong and Race Wong to simplify how properties in Singapore are being transacted.

Ohmyhome is a proptech platform that makes housing transactions simpler, faster, and more affordable. The platform facilitates DIY transactions, offers fixed-rate agent services, as well as on-demand mortgage and legal services. In January 2017, Ohmyhome emerged as Singapore's No.1 HDB app.

Rhonda Wong, CEO and co-founder of Ohmyhome said "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 Golden Equator Capital and our other investors will help us execute our vision of becoming the ultimate housing transaction solution."

Race Wong, COO and co-founder of Ohmyhome 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."

Since its launch, more than 2,000 homes have transacted through Ohmyhome which represents a combined value of more than S$850 million. It has also saved customers a total of S$20 million in commission as of September 2018. To-date, Ohmyhome's mobile application has recorded more than 200,000 downloads and has an average of 52,000 monthly active users.

Daren Tan, managing partner at Golden Equator Capital 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."

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.

Shirley Crystal Chua, founder and Group CEO of Golden Equator 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."