Singapore-based online property platform Ohmyhome announced on Wednesday its $5 million Series A+ funding led by Swettenham Blue.
The amount is twice the valuation of the previous Series A round led by Singapore venture capital firm Golden Equator Ventures, the company said in a statement.
The company said the funding round also came on the back of a $1.6 billion cumulative gross merchandise value (GMV) which is expected to quadruple over the next 12 months.
Revenue is also expected to triple during the same period, before its Series B funding next year, the company added.
The company will use the fresh capital to enhance its data-matching technology across its Singapore, Malaysia, and Philippine markets, Ohmyhome said.
This data matching advantage has enabled the company to close property deals in Singapore two times faster than competitors in the past four years, Ohmyhome said.
The company said its database handles around 175,000 transactors per month, allowing it to secure stronger prices and speed for its customers’ property transactions.
“Our core mission is to help our customers transact as hassle-free as possible, at the best price. 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 Chief Executive Officer Rhonda Wong said.
Started in 2016, the company has grown from a self-serve business model into a full-fledged property platform. Its so-called one-stop-shop model covers every stage of the property journey – from search, self listing, agent service, mortgage, and conveyancing, to renovation and even moving services.
In addition, it facilitates the buying and selling of properties across the borders of the three countries it operates in without the need for the client to travel to the country, which is an especially helpful feature amid the pandemic.
To meet the growing demand from Filipinos working abroad interested in purchasing properties in the Philippines, Ohmyhome expanded into the country in 2020.
Remittances from Filipinos working abroad reached $2.38 billion in May this year, the Bangko Sentral ng Pilipinas (Philippine Central Bank) has reported, up from $2.11 billion in the same month a year ago. A significant portion of these remittances goes into building up their nest eggs, oftentimes in the form of real estate, according to Ohmyhome.
“It is Southeast Asia’s second-most populous country with a population of over 100 million. It is a fast-growing market, both in population and economy, and we hope to assist Filipinos in their housing needs,” Wong said.
Swettenham Blue is the family office of the Tay family, which is behind OG department stores, according to local media The Business Times.
Featured image credits: Ohmyhome