Singapore based PropTech company Ohmyhome has announced that it has raised $5 million in a Series A+ round lead by local investment firm Swettenham Blue.
Ohmyhome is a transactional marketplace that serves as both a property portal for the real estate discovery phase of the user journey as well as offering mortgage, renovation, legal, documentation, and handling transactions on its platform.
The latest funding round is reportedly going to be used to fund R&D into technology to allow transactions to be closed quicker via data matching technology.
Company CEO Rhonda Wong said:
"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.”
According to TechInAsia, Ohmyhome has managed to log a gross transaction volume of $1.6 billion since it was founded in 2016 by sisters Race and Rhonda Wong. Having expanded to Malaysia in 2019, the firm recently set up shop in the Philippines where management believes there is a huge "unmet demand for housing".
One of a new breed of portal-transactional hybrids in the region that includes Hoppler in the Philippines, FazWaz in Thailand and Instahome in Malaysia, the model used by Ohmyhome has attracted a lot of attention from investors over the last 18 months and seen stunning success in emerging markets in Southeast Asia as well as Latin America.