Investment will help Ohmyhome deepen its presence in
Singapore and further expand in Southeast Asia
SINGAPORE - Media
OutReach - 20 September 2018 -
Singapore's leading PropTech marketplace, today announced that it has raised
S$4 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
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."
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