There will be personnel reductions at Malaysia-based property renting website Speedhome.
Several industry sources revealed that after learning of an expected downsizing at the business, employees started hunting for new jobs.
A Speedhome representative acknowledged the situation to Tech in Asia and said that job losses were “inevitable” because the proptech company had just started a “cost optimization” exercise.
It was not made public how many employees were impacted. According to its LinkedIn page, Speedhome employs 99 people.
According to the spokesman, “increased interest rates, economic instability, and funding climate” were the reasons given for the company’s “recalibration” of its business plan.
The Speedhome spokesman noted that the action is not anticipated to have an impact on Speedhome’s clients or services.
Speedhome, a company that was founded in 2015, makes its money by putting landlords and tenants in touch directly, doing away with the need for expensive security deposits or real estate brokers.
Through a collaboration with Allianz General Insurance, the portal also offers rental protection and insurance.
After raising 7 million ringgit (US $1.5 million) in a Series A round from two Malaysian institutional investors—the insurance company Allianz Malaysia and the venture capital firm Gobi Partners—Speedhome revealed ambitions to expand into Bangkok and develop a super app for real estate investors.
Startups in Malaysia have not been spared from the recent wave of layoffs that affected digital giants in Asia.
