To develop a data-matching tech that fast-tracks closing of property deals, Ohmyhome raised US $5 M
In a new round financed by local investor Swettenham Blue, Ohmyhome, a one-stop property hub located in Singapore, has acquired USD 5 million.
The funding is used in data matching technology for R&D, which the business says would speed up the closure of real estate agreements on its platform twice as fast as its competitors.
“Our core mission is to help our customers transact as hassle-free as possible at the best price,” said Rhonda Wong, CEO of Ohmyhome. “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.”
Ohmyhome, founded by sisters Rhonda and Race Wong in September 2016, links buyers and sellers directly at no cost. To improve the overall user experience, the platform includes features like “ShoutOut” and “Open House.” It uses a hybrid model that combines a DIY platform with full-fledged agency services.
The platform launched in the Philippines last year, its third market after Singapore and Malaysia, to meet the unmet demand for real estate investments resulting from the US$2.38 billion in remittances from Filipinos working abroad.
More than 5,100 properties have been sold through Ohmyhome since its inception, with a total value of approximately SGD1.6 billion (US$1.2 billion).
Ohmyhome secured US$2.9 million in a Series A financing headed by Golden Equator Capital in September 2018.
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